Talanx AG, Germany’s third-largest insurer and current owner of Poland’s number-two insurer Warta, plans an initial public offering of shares for about €700 million, Bloomberg reported.

As part of the IPO, Meiji Yasuda Life Insurance Co. will convert €300 million in convertible bonds held since November 2010 into Talanx shares at the offered price, according to information provided by the insurer.

When the transaction is completed in the second half of 2012, Meiji Yasuda will hold a 30 percent share package in Warta, Talanx's Polish insurance holding.

Earlier this year, Talanx acquired Warta from KBC Group NV for €770 million.

Poland A.M.