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A prolific group of runners
Although the news may not always seem relatively straightforward, the structure of the company is relatively straightforward: as can be seen from the Opten database, Lőrinc Mészáros and Keszthelyi Holding (owned by Erik Keszthelyi) own the group’s central company, Hungarikum Biztosítási Alkusz Kft. Also owns a licensed insurance brokerage company. The corridor shape sell the products of several insurers at the same time forces runners.
Not shown in the figure, but Hungarikum now also has an insurance company: by purchasing a 25% stake in Opus Plc., Which can also be linked to Lészinc Mészáros. It has recently become the owner of 28% of CIG Pannonia. The general director of the life insurance company and its subsidiary, CIG EMABIT, has been István Fedák since October 1 and since 2016 he has been the financial and legal deputy director of Keszthelyi Holding. However, it is not common for an insurance broker to own an insurer, reverse alignment is much more so. Erik Keszthelyi recently said about the relationship in an interview with the World Economy: “Our acquisition of a stake in CIG Pannónia Life Insurance Plc. And your non-life insurance subsidiary expresses our belief in the future of insurance companies. Hungarikum Alkusz regards both insurance companies as financial and strategic investments. (…) At Hungarikum Alkus, it cannot happen that a contract already concluded is not competed at least once a year as it approaches its anniversary. If the CIG product range includes the right product for the customer (which cannot be guaranteed in all cases), it will of course also be included in the list of offers. “
The brokerage group has now grown to this size with acquisitions and brokerage holdings, and the structure of the company still retains some traces of transactions in recent years and months. Only the 2017 amendment to the Insurance Law made it possible for not only entire companies but also stocks of brokers to change ownership, probably because Last year, Hungarikum’s sales revenue reached HUF 4.45 billion. Although the company is not listed in the latest MNB Gold Book for some reason, compared to the other members on the list, it can be said that based on 2019 revenue it is the third largest insurance intermediary in Hungary, together with its subsidiaries. With the 2020 portfolio acquisitions outlined below, they could become even the largest group of brokers this year, especially considering that some of OVB’s top-ranked revenue comes from non-insurance brokerage.
In addition to Keszthelyi Holding and Hungarikum, our table below contains the interests that carry out insurance brokerage activities. The former brokerages Agenta, UFS Group, Mobil and Commodum continued as subsidiaries of Hungarikum (thus included in the graph), while Gratis’92, Willbot & Kopkings, Biztosítások.hu and NBA Független Biztosítási Alkusz Kft. Increased the group of brokers by transferring shares.
Acquired companies and transferors also include specialists in the retail sector and SMEs (see UFS Group), construction insurance intermediaries (see Commodum, hereinafter referred to as insurance partners), transport and motor insurance product intermediaries ( insurance companies.hu). A large part of the group’s portfolios did not go to Hungarikum, but to HUNPartner Biztosítási Alkusz és Pénzügyi Tanácsadó Kft., Which is a member company of the group responsible for broker integration. In the first half of this year, it tripled its revenue compared to the full year of 2019, based on the group’s previous announcement, and 8 brokers and 3 dependent advisory groups have joined its Partner Program, and it now has more than 80 advisers. The group as a whole employs nearly 200 people and 500 financial advisers, the latter also among the largest networks.
What is particularly surprising in the figures below is that Hungarikum’s profit margin as a share of sales was 58% last year, while the brokerage market averaged 13.5% according to the MNB’s Gold Book. .
| Financial data of current members of the brokerage companies Keszthelyi Holding and Hungarikum (HUF million) | ||||
| 2017 | 2018 | 2019 | ||
| Keszthelyi Holding Zrt. (Registered in February 2015) | Sales revenue | 270 | 428 | 486 |
| Profit after tax | 331 | 1234 | 455 | |
| Hungarikum Biztosítási Alkusz Kft. (Until February 2015 Optimal-GB) | Sales revenue | 2062 | 2402 | 4453 |
| Profit after tax | 272 | 1280 | 2584 | |
| HUNBankbiztosítás Közvetítő Kft. (Until February 2020 AGENTA-Consulting) | Sales revenue | 472 | 416 | 139 |
| Profit after tax | 42 | 49 | 123 | |
| HUNPénzügyi Tervező Kft. (Until August 2020 Grupo UFS) | Sales revenue | 894 | 880 | 858 |
| Profit after tax | 8 | two | 6 | |
| HUNPartner Insurance Broker and Financial Consulting Ltd. (MOBILE until July 2019) | Sales revenue | eleven | 36 | 39 |
| Profit after tax | -two | 5 | -24 | |
| HUNInsurance Insurance Broker Ltd. (Commodum until May 2020) | Sales revenue | 356 | 402 | 465 |
| Profit after tax | 192 | 200 | 216 | |
| HUNRisk.hu Biztosításközvetítő Kft. (Registered in February 2020) | Sales revenue | 0 | 0 | 0 |
| Profit after tax | 0 | 0 | 0 | |
| Total insurance intermediation companies (excluding Keszthelyi Holding Zrt.) | Sales revenue | 3795 | 4136 | 5954 |
| Profit after tax | 512 | 1535 | 2906 | |
| Source: Opten, Portfolio Collection | ||||
under the Christmas tree we would like to surprise the result of our work.
They made their fortune
- May 2010: The then 26-year-old waiter from Szekszárd became Erik Keszthelyi, who also lives in Szekszárd. OPTIMAL-GB He will be the managing director of Insurance Broker and Financial Services Ltd.
- January-February 2015: OPTIMUM-GB sounds more ambitious Hungarikum Biztosítási Alkusz Kft. It takes its name and moves its headquarters from Szekszárd to Budapest. Erik Keszthelyi founds the Keszthelyi Holdingot, who will later become the sole owner of Hungarikum. The latter operates in the insurance intermediation market as an insurance broker specialized in serving large corporate clients (mostly state-owned).
- March 2018: Listed as owner and can be linked to Lőrinc Mészáros and his wife Butcher Group belonging to Keszthelyi Holding Hungarikum in a brokerage house, which will soon move to Felcsút. Today, the two owners of Hungarikum are Lőrinc Mészáros and Keszthelyi Holding, the latter’s voting rights exceed 50%.
- October 2018: The Hungarikum acquires ownership of Agenta Consulting in a brokerage house. The company has primarily provided brokerage services to retail clients and has been operating as HUNBankbiztosítás Közvetítő Kft. Since February 2020.
- May 2019: Hungarikum enters the retail and SME market acting as a “strategic partnership” with experience in these segments. UFS Pénzügyi Tervező Kft Group. continues to operate as a subsidiary of Hungarikum Biztosítási Alkusz Kft. In August 2020, the HUNPénzügyi Tervező Kft. Name.
- May 2020: In order to meet the needs of retail, SMEs and large companies more broadly, it acquires a 25 percent stake in Hungarian Cooperative Savings Bank MTB (i.e. the largest owner of the universal Takarékbank) is owned by Hungarikum HUNBankbiztosítás Kft., that is, in the former Agent. According to the agreement, the sale of products in the national network of Takarékbank branches will begin in the third quarter of this year, according to the bank’s announcement. Rather than a more common single bank model, the new initiative involves the sale of several insurance branches.
- June 2020: Hungarikum buys majority ownership Insurance partners Biztosítási Alkusz Kftwhere from 2010 to May 2020 Commodum Biztosítási Alkusz Kft. operated under the name. Within the framework of the strategic partnership, Hungarikum plans to serve the most important players in the Hungarian construction industry and their clients with credit insurance, it was announced.
- August 2020: Joins the Biztositasok.hu to HUNPartner Biztosítási Alkusz és Pénzügyi Tanácsadó Kft. The company that transfers its portfolio has gained experience in the field of property insurance and, in particular, in the sale of motor and transport insurance products.
- September 2020: Hungarikum also continues to expand through the HUNPartner subsidiary responsible for broker integration: NBA Independent Insurance Broker and Financial Services Ltd. Starting at the end of September, the MNB will continue its brokerage activities at HUNPartner Biztosítási Alkusz és Pénzügyi Tanácsadó Kft. With a full portfolio transfer, it was announced.
- September 2020: 23,466,020 pieces CIG Pannonia Hungarikum Alkusz Kft. Acquired shares of Opus Global, thus increasing the company’s stake in the Hungarian insurance company to 28.06% – CIG announced on the BSE after new members of the Board of Directors appointed by Opus on August 14 The General Assembly voted.
- October 2020: a Reticulum Insurance Insurance Broker Ltd. joined Hungarikum Biztosítási Alkusz Kft., which specializes in serving large corporate clients, with a full transfer of shares – the Hungarikum Biztosítási Alkusz informed the MTI on Monday. In addition to developing a value proposition, prompt and customer-centric management of claims and the pursuit of continuous innovation are essential.
Cover Image: Portfolio / Insurance Conference 2017
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