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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