Europe's largest insurer Allianz SE has acquired Yapi Kredi Sigorta AS for the amount of Eur684 million or US$879 million. The acquisition is for the European insurer to gain a foothold in the emerging markets such as Turkey while the debt crisis continues elsewhere.

Part of the purchase would be the acquisition of the company from Turkish bank Yapi & Kredi Bankasi AS. The German based Allianz said that the deal would make its subsidiary in Turkey the largest insurer in the country as well as provide access to the banking branches of Yapi & Kredi for the next decade and a half.

According to the Organization for Economic Cooperation and Development, Turkey is forecast to grow by 4.1% this year compared to just 0.1% for the Euro area. As for insurance industry facts from the Insurance Association of Turkey, premiums rose by 16% to a volume of 17.1 billion Turkish Liras or US$9.4 billion in 2012.