Hungarian Life Insurer CIG Pannonia Buys Funeral Company Stake

CIG Pannonia Eletbiztosito Nyrt., the life insurer that debuted on the Budapest Stock Exchange last month, bought a 60 percent stake in funeral services company Pannonia PI-ETA Kft. for an undisclosed sum.

PI-ETA sells CIG’s “Pannonia Sunset Life Insurance” policy, which takes care of funeral costs for policy holders, according to a statement posted on the website of the Budapest Stock Exchange late yesterday.

“CIG Pannonia Eletbiztosito continues to see outstanding opportunities in the 35-40 billion forint,” or as much as $193 million, “domestic funeral market,” the company said.

To contact the reporters on this story: Zoltan Simon in Budapest at zsimon@bloomberg.net

To contact the editors responsible for this Willy Morris at wmorris@bloomberg.net

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