V.I.G. acquires TBIH’s interests in insurance companies
In order to increase Group integration, the Vienna Insurance Group will acquire TBIH´s insurance company interests in Albania, Bulgaria and Croatia.
Albania, Macedonia, Kosovo
Sigma was established in 1998 in Tirana. Besides its operations in Albania, it also operates through a branch office in Kosovo. Sigma is also represented in Macedonia as a Vienna Insurance Group company. The companies have a total of 160 employees and focus their operations on the motor vehicle insurance area. In 2008, the companies generated premium volume of EUR 18.65 million.
Acquisition of the shares held by TBIH in the Albanian and Macedonian Sigma companies will raise the Vienna Insurance Group’s interest in each of these companies to around 87% (including shares yet to be acquired from minority shareholders).
Acquisition of the shares in Albania and Macedonia is conditional on receipt of the necessary official approvals and is expected to be concluded in 2009.
Croatia
Kvarner is the fifth largest insurance company in Croatia, operating successfully in both the life and non-life insurance segments. In 2008, Kvarner generated a premium volume of EUR 74.48 million through its nationwide distribution network of 128 sales offices.
Helios is a successful composite insurer founded in 1991. The main focus of its business is the non-life insurance business. With more than 250 employees, the company was able to generate premium volume of EUR 15.57 million in 2008. Acquisition of the 23% interest held by TBIH in each of Kvarner and Helios increased the Vienna Insurance Group’s holdings in these companies to around 99% and 100%, respectively. Acquisition of these interests was already completed by the start of 2009.
Bulgaria
Bulstrad Non-life has been operating successfully in the Bulgarian market for over 45 years. In 1994, Bulstrad Life was established. The two companies held the number 1 position in the Bulgarian insurance market in 2008, generating a premium volume of EUR 123.64 million.
The Vienna Insurance Group’s acquisition of the shares indirectly held by TBIH will raise its indirect majority interest in Bulstrad Non-life to around 99% and its interest in Bulstrad Life to around 93%.
