BRUSSELS, Aug. 3 (Xinhua) -- The acquisition of a Chinese insurance company by Germany's ERGO Versicherung AG (ERGO) together with China's Shandong Hi-Speed Group Corporation (SDHS) was cleared at the European Union (EU) level on Monday.

The European Commission concluded that the proposed acquisition of Taishan Property & Casualty Insurance would raise no competition concerns, as the company has no actual or foreseen activities within the European Economic Area, the Commission said in its daily press release.

ERGO Group, which is a subsidiary of Munich RE and one of the major insurance companies in Germany and Europe, signed a shareholder's agreement and capital increase agreement to make a strategic investment in Taishan Insurance, a Shandong-based nationwide property and casualty insurer in China, in early June.

According to the group, the deal marks a significant step by the German insurer to deepen and expand its services in the Chinese market. After completing the transaction, ERGO Group will obtain 24.9 percent equity interests of Taishan Insurance via its subsidiary ERGO Versicherung AG. Enditem

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