Austria
Merger of UNION Versicherungs-AG and BA-CA Versicherung AG
In March 2007, the shareholders of UNION Versicherungs-AG and BA-CA Versicherung AG agreed to merge the two companies. The Vienna Insurance Group assumed control of the merged insurance company.
Ownership interests in the merged company, bearing the name Bank Austria Creditanstalt Versicherung Aktiengesellschaft, are as follows:
- WIENER STÄDTISCHE Versicherung AG
VIENNA INSURANCE GROUP: 60.54% - ERGO International AG: 29.46%
- Bank Austria Creditanstalt AG: 10.00%
Czech Republic
Increase in authorised capital of Kooperativa
In October 2007, an extraordinary meeting of the shareholders of Kooperativa pojišt’ovna, a.s., Vienna Insurance Group (Kooperativa) passed a unanimous resolution to increase authorised capital by CZK 200 million (ca. EUR 7.3 million). In consequence, Kooperativa’s authorised capital is equal to CZK 3 billion (ca. EUR 109 million).
Poland
Acquisition of a majority interest in
TU Polski Związek Motorowy S.A. VIENNA INSURANCE GROUP (TU PZM)
The Vienna Insurance Group subscribed to shares of the Polish Non-Life insurer TU Polski Związek Motorowy S.A. VIENNA INSURANCE GROUP (TU PZM), as part of a capital increase at the end of March 2007. The Vienna Insurance Group now owns 91.30% of this insurer. The remaining shares are held by the former majority shareholder, the Polish Automobile Association (PZM).
From seven offices with nearly 100 employees, TU PZM handles more than 20,000 customers in Poland, with almost 70% of the customers being serviced by the company’s sales employees in the field.
Expansion of life insurance through acquisition of FinLife TUnZ S.A.*
The Vienna Insurance Group acquired 100% of the shares of FinLife TUnZ S.A. (FinLife) from the Suomi Mutual Life Assurance Company.
FinLife, headquartered in Warsaw, was founded in 1996 and specializes in group and term life insurance policies. With around 90 employees and 15 offices throughout the country, FinLife TUnZ S.A has built up a very extensive independent distribution network, as well as cooperative arrangements in the bank sector.
Romania
Acquisition of majority interest in Asirom
In order to expand its activities in Romania, the Vienna Insurance Group acquired 98.46% of the Romanian SC Asigurarea Romaneasca Asirom S.A. (Asirom) in three steps. In the first step, as early as July 2007, 30.00% of the shares were obtained. A majority interest was achieved in November 2007 through acquisition of an additional 20.20% of Asirom. Through a take over process and further share purchases, the majority interest was boosted to around 98.46%.
Asirom is one of the leading insurance companies in Romania and has approximately 2,200 employees. Asirom has a nationwide presence with its dense distribution network of 49 regional head offices and 160 branches.
* subject to approval of authorities
