Vienna Insurance Group has been the new majority owner of the insurance company Jahorina in the Republic of Bosnia-Herzegovina since October 2011. After completion of the compulsory takeover procedure, VIG now holds 100% of the voting shares and 95.69% of the share capital. Jahorina was established as a property insurer in Pale (Republika Srpska) and has also been offering life insurance for two years. Its business operations are focused on the distribution of motor vehicle insurance. The company is the market leader in Republika Srpska and is one of the top ten in the overall market. Vienna Insurance Group’s acquisition of Jahorina gives it entry into its 25th market, a promising market with long-term prospects of rapid growth in the insurance sector.
Increased investment in Albania
In Albania, Vienna Insurance Group acquired a majority interest of 75% plus one share in the insurance company Intersig. The purchase gives the Group a broader foundation in Albania. Good experience with the existing Albanian Group companies and a favourable outlook in terms of demand for insurance products were the main reasons why this step was taken. Intersig operates in the non-life sector and earns most of its premiums from the motor vehicle market. The purchase of Intersig raises the Vienna Insurance Group share of the total market to almost 30%.
Acquisition of Polisa life insurance company
In November 2011, Vienna Insurance Group signed an agreement to acquire a minimum of 75% plus one share in the Polish life insurance company Polisa. The acquisition is being implemented subject to receipt of the necessary official approvals.
The company was established in 1995, is headquartered in Warsaw, and focuses mainly on group insurance. More than 120 employees and a broad network of brokers serve customers nationwide. The life insurance company is a perfect addition to the Vienna Insurance Group portfolio in Poland. In addition, the country has a strong economy and offers good opportunities for growth in the area of life insurance. The purchase allows the Group to take advantage of the opportunity to further expand its operations in Poland.