MOLDOVA: VIG seeks to secure full control over DONARIS Group

10 July 2014 —
vig2VIENNA Insurance Group (VIG) announced their intention to take over the remaining 6.214% stake in the Moldavian insurer DONARIS Group, after previous acquisition of around 94% stake of its shares, according to the official publication of the supervisory authority.

VIG announced at the end of January that it had signed an agreement to acquire around 94% of the Moldovan insurer DONARIS Group. After granting of the regulatory approvals, the transaction has been concluded.

DONARIS Group was founded in 1998 and has its head office in the Moldovan capital city Chisinau. The non-life insurer recorded premiums of MDL 27.08 million (about EUR 1.5 million) in Q1 2014, 41.34% up over the previous year. It has a market share of 10.62%, which makes it the fourth largest non-life insurer in Moldova.

The company currently employs approximately 50 staff members in its head office and approximately 70 people in the branch offices. Insurance products are sold through its own branch offices as well as via agents and partnerships with brokers, banks and leasing companies.

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