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Friday, April 25, 2014
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Vienna Insurance Group in Macedonia: Market leader due to Acquisition of QBE Makedonija

17/09/2012 01:08 (584 Day 21:07 minutes ago)

The FINANCIAL -- Vienna Insurance Group AG Wiener Versicherung Gruppe has signed an agreement to take a majority stake in Macedonian insurer QBE Makedonija, making the Group number one on the country's insurance market.



VIG will acquire around 75 percent of the voting rights in the company. Thanks to this latest acquisition, the Group will become the market leader, strengthing its position as a leading insurer in Southeastern Europe. As Vienna Insurance Group AG reported, the transaction is subject to regulatory approval.

“This acquisition will increase the Vienna Insurance Group’s share of the Macedonian insurance market to around 20 percent, making us the market leader by some distance. It is another step in our strategy of enhancing our presence in Central and Eastern Europe and exploiting the region’s growth potential to the full”, explained Peter Hagen, CEO of Vienna Insurance Group.

Leading insurer with a strong sales network -- QBE Makedonija has a broad product portfolio, with a focus on motor and casualty insurance, and a strong nationwide sales network. QBE currently employs over 200 people at its 19 branches. In 2011 the company was the third largest on the Macedonian insurance market, with premium income of around EUR 12 million. 

On track for growth in Macedonia -- The Vienna Insurance Group entered the Macedonian insurance market in 2007. Its Group companies Winner and Winner Life achieved a combined premium volume of EUR 8.6 million last year.

Macedonia received EU candidate status in 2005, and its economy shows a continuous upward development. The country’s insurance market expanded by around 10 percent last year and still has outstanding development potential. Annual spending on insurance is around EUR 50 per capita, and demand is rising sharply. By way of comparison, the figure for the Czech Republic is around EUR 550, while in Austria this amount is around EUR 2,000.



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“The former Yugoslav Republic of Macedonia”: presidential election and early parliamentary elections

23/04/2014 16:38 (1 Day 05:37 minutes ago)

The FINANCIAL -- A 14-member delegation of the Parliamentary Assembly of the Council of Europe (PACE), led by Stefan Schennach (Austria, SOC), will travel to “the former Yugoslav Republic of Macedonia” from 25 to 28 April to observe the conduct of the presidential election (2nd round) and the early parliamentary elections, alongside observers from the OSCE’s Parliamentary Assembly and Office for Democratic Institutions and Human Rights (ODIHR), according to PACE.



Major Cloud Service Providers Slash Prices; Threaten Smaller Players’ Existence: IDC Warns

19/04/2014 13:40 (5 Day 08:35 minutes ago)

The FINANCIAL -- In the last week of March, major Cloud Service Providers (CSPs) in Asia dropped their prices for core services dramatically and IDC believes that this will make it very difficult for smaller CSPs to remain in business if they continue to rely on provision of basic, undifferentiated services, according to International Data Corporation (IDC).

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