Wiener Städtische Allgemeine Versichererungs AG
euro adhoc: WIENER STÄDTISCHE Versicherung AG Vienna Insurance Group
Mergers -
Acquisitions - Takeovers
Vienna Insurance Group in Ukraine:
Expansion of Market Position in Ukraine by Acquisition of Ukrainska Strakhova
Grupa
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
15.11.2007
Please note: this is a translation; only the German version of this release is legally binding.
Vienna Insurance Group clearly expands its involvement in the Ukrainian insurance market, thus continuing its expansion course in Central and Eastern Europe.
On November 14, 2007, TBIH Financial Services Group N.V. (TBIH), in which Wiener Städtische Versicherung AG Vienna Insurance Group has a majority shareholding, signed a contract for the acquisition of 62 percent of the stated share capital of Ukrainska Strakhova Grupa (Ukrainian Insurance Group - UIG). After the relevant approvals have been granted by the authorities, the shares will be taken over from companies affiliated with the Ukrainian UkrGasBank. The parties have agreed to keep the purchase price confidential. It is planned, that these companies are going to sell the remaining shares within the next five years.
"Ukraine has shown a particularly dynamic economic development for quite some time now. This transaction allows us to further expand our position in the diversified Ukrainian market", says CEO Günter Geyer. "The Ukrainian Insurance Group forms a logical supplement to the existing companies. It has a strong corporate customer business and will focus especially on the retail business in the future."
UIG, which has its headquarters in the capital in Kiev, has been operating in the Ukrainian insurance market since 2002. In the first three quarters of 2007, UIG generated a premium volume of approx. EUR 23 million.
Of the approx. 460 employees, about 360 work in sales. With 50 branches and a further 20 regional points of sale, UIG is represented all throughout the country. In motor insurance, UIG ranks among the top 10 in the Ukrainian insurance market. In addition to motor third party liability insurance it also focuses on sales in the strongly growing motor comprehensive insurance segment.
Vienna Insurance Group in Ukraine The Vienna Insurance Group has already been operating in the Ukrainian insurance market since 2004. Within the scope of its multi-brand policy, the Vienna Insurance Group up to now was represented by a total of three companies - the two non-life insurance companies Kniazha and Globus as well as the life insurance company Jupiter - in the Ukraine. Together, these companies generated a premium volume of almost EUR 10 million for the Vienna Insurance Group in Ukraine in the first half of the year. In motor third party liability insurance, the companies of the Vienna Insurance Group took 2nd position in the market for this line, with a market share of more than 9 percent.
You will also find this press release on http://www.wienerstaedtische.at under Ad-hoc News
end of announcement euro adhoc 15.11.2007 08:19:50
Further inquiry note:
Mag. Barbara Hagen-Grötschnig
Unternehmenskommunikation
WIENER STÄDTISCHE Versicherung AG
Vienna Insurance Group
A-1010 Wien, Schottenring 30
Tel.: +43 (0)50 350-21027
Fax: +43 (0)50 350 99-21027
E-Mail: b.hagen@staedtische.co.at
Branche: Insurance
ISIN: AT0000908504
WKN: A0ET17
Index: ATX Prime, ATX, WBI
Börsen: Wiener Börse AG / official market
Original content of: Wiener Städtische Allgemeine Versichererungs AG, transmitted by news aktuell