04/12/2007 (Agence Europe) - On Tuesday 4 December, the European Commission cleared the proposed acquisition of the insurance business of the Czech PPF Group N.V. by Assicurazioni Generali SpA of Italy. PPF's insurance business is primarily carried out via the Czech ex-monopolist insurer Èeská pojišovna (CP), which is active in the Czech Republic, Slovakia, Russia, Cyprus and Ukraine. The proposed transaction would combine PPF's and Generali's insurance businesses from Central Europe to Central Asia in a newly created company, which would be solely controlled by Generali. Internationally, several efficient competitors, including Allianz, ING, KBC, AXA and Wiener Städtische, would guarantee open and continued competition. The Czech insurance market is growing rapidly and would allow for new entrants onto their national market. (L.D.)