Business news from Ukraine

VIENNA INSURANCE GROUP SIGNS AGREEMENT ON ACQUISITION

Vienna Insurance Group (VIG) acquires 100% of the Polish insurance company Gothaer Towarzystwo Ubezpieczen (Gothaer TU), according to the website of Ukrainian Insurance Group (Kyiv), which is part of VIG.
The contract of purchase and sale for the acquisition of this subsidiary of the German company Gothaer Finanzholding AG was signed on June 6, 2018. The purchase must be approved by the local authorities.
The Polish insurance subsidiary Gothaer Group is based in Warsaw. It works in the non-life insurance segment, and mainly through intermediaries and agents. Gothaer TU has six branches and an extensive network of agents. In 2017 the company formed a premium volume of about EUR 150 million. Gothaer TU serves more than 632,000 customers and manages about 2 million insurance policies. Currently the company has 530 employees.
Vienna Insurance Group is the leading insurance group in Austria, as well as central and eastern Europe. The group includes 50 companies in 25 countries.