VIG signed last week an agreement to acquire a majority share in the Albanian insurance company INTERSIG. As a result of this transaction, subject to official approval, VIG will acquire 75% of the shares plus one share of the company from private ownership. The parties have agreed not to disclose the purchase price.

INTERSIG will be the third insurance company owned by VIG in Albania. In 2007, VIG entered the Albanian insurance market with the acquisition of Sigma. In 2010, the Austrian Group expanded into the Albanian insurance market by acquiring INTERALBANIAN. According to the press release, with the acquisition of INTERSIG, VIG's market share raises to about 30% and an estimated premium volume of about EUR 20 m.

"This acquisition will enable the Group to broaden its base in Albania considerably. Our positive experience with the business development of our existing Albanian Group companies has encouraged us to decide to strengthen our presence further. The catch-up process in the Albanian market means we are expecting increased demand for insurance products in the coming years. The country's stable economic development over the past few years has created a good foundation for this", said Gunter GEYER, CEO, Vienna Insurance Group.