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Vienna Insurance Group completes acquisition of Merkur in Bosnia and Herzegovina

A purchase agreement on the full acquisition of Merkur Osiguranje d.d. (Merkur) was signed on 30 October 2017. The transaction was closed on 8 February 2018 following approval by the local authorities. As a result, Vienna Insurance Group (VIG) moves up from eighth to third market position in Bosnia and Herzegovina.

Merkur, which mainly specialises in life insurance, was acquired from Austrian-based MERKUR International Holding AG. The purchase will enable VIG to extend its product range in Bosnia and Herzegovina, which has so far mainly been centred on the non-life business. Represented by two Group companies, VIG is now ranked second in the country’s life insurance segment, with a market share of over 25 percent.

A key aspect of the Merkur acquisition was the company’s regional presence in the Federation of Bosnia and Herzegovina. In combination with Group company Wiener Osiguranje, which was set up in 2011 and operates primarily in Republika Srpska, the Vienna Insurance Group has now significantly widened its scope in Bosnia and Herzegovina. In the third quarter of 2017, the two independent companies generated combined premium income of around EUR 26 million.

Vienna Insurance Group (VIG) is the leading insurance specialist in Austria as well as in Central and Eastern Europe. About 50 companies in 25 countries form a Group with a long-standing tradition, strong brands and close customer relations. VIG has close to 200 years of experience in the insurance business. With more than 25,000 employees, Vienna Insurance Group is the clear market leader in its Austrian and CEE markets. It is therefore excellently positioned to take advantage of the long-term growth opportunities in a region with 180 million people. The listed Vienna Insurance Group is the best-rated company of ATX, the leading index of Vienna Stock Exchange; its share is also listed on the Prague Stock Exchange.

Disclaimer
This press release contains forward-looking statements that concern future developments in Vienna Insurance Group. These statements are based on current assumptions and forecasts by the management of Vienna Insurance Group. Changes in general economic developments, future market conditions, capital markets and other circumstances could result in actual events or results differing significantly from these forward-looking statements. Vienna Insurance Group assumes no obligation to update these forward-looking statements or modify them based on future events or developments.

If you have any questions, please contact:

VIENNA INSURANCE GROUP

Group Communications & Marketing

Schottenring 30, 1010 Vienna

Wolfgang Haas

Phone: +43 50 390-21029

mailto: wolfgang.haas@vig.com

 

 

All press releases are available for download: http://www.vig.com

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