Vienna Insurance Group takes ownership of Polish insurer Polisa.
28 June 2012 - Vienna Insurance Group AG (WBAG:VIG) said on Thursday it had become the owner of Towarzystwo Ubezpieczen na Zycie Polisa- Zycie SA (Polisa) after buying a stake of around 92% in the Polish life insurer.
The deal announced in November 2011, is now completed, adding to Vienna Insurancea[euro](tm)s distribution capacity in Poland and giving it a stronger presence in this fast-growing market, the buyer said.
The financial details of the transaction were not disclosed.
Commenting on the acquisition, Vienna Insurancea[euro](tm)s CEO Peter Hagen said Poland will continue to be an attractive market for the Austrian group which registered over the past few years a strong growth in the country where it already ranks among the top three players in the non-life insurance sector.
The company also held a fourth place last year in the Polish insurance market as a whole, one of the largest markets in central and eastern Europe and a core one to Vienna Insurance.
Polisa, employing over 120 staff in 2011, generated a premium volume of around EUR27m (USD34m) last year. It has distribution channels including an independent brokers network across Poland, 16 regional offices and 30 representative branches.
Its Vienna-based owner is also present internationally in Albania, Bosnia-Herzegovina, Bulgaria, Germany, Estonia, Georgia, Croatia, Latvia, Liechtenstein, Lithuania, Macedonia, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, the Czech Republic, Turkey, Ukraine, Hungary, Belarus, Slovenia and Italy.Country: PolandSector: InsuranceTarget: Towarzystwo Ubezpieczen na Zycie Polisa- Zycie SA (Polisa)Buyer: Vienna Insurance Group AG Type: Corporate acquisitionStatus: Closed
.END.PUB430>PDJune 28, 2012>JNMANEWS.PRICEDATENOT APPLICABLE.DAY