VIENNA Insurance Group signed an agreement to acquire around 75% of the voting rights with the Macedonian insurer QBE Makedonija. The transaction is subject to regulatory approval.

Macedonian insurance companies posted combined gross written premiums of MKD 1.71 billion (EUR 27.7 million) in 1Q2012, up from MKD 1.59 billion a year earlier, Insurance Supervision Agency figures indicated. Non-life insurance premiums accounted for 93.5% of the total insurance premiums (MKD 1.60 billion), while the life insurance segment accounted for the remainder of the market (MKD 110 million).

Macedonian non-life insurer Triglav Osiguruvanje plans to close the year with a profit of 40 million denars (USD 807,970/EUR 650,410), it said.

The premium income of Macedonian insurer Euroins Osiguruvanje rose by an annual 5.18% to 3.707 million euro in the first half of 2012, its Sofia-based parent company Eurohold Bulgaria said on Monday.

The net assets managed by Macedonia's two mandatory pension funds totalled 18.6 billion denars ($373 million/302 million euro) at the end of June, up 2.6% on the month, official data showed.

The net assets managed by Macedonia's two mandatory pension funds totalled 18.12 billion denars ($372.3 million/294.1 million euro) at the end of May, up 1.3% on the month, official data showed.

Slovenian reinsurer Sava Re plans to recapitalise its Macedonian unit in the fourth quarter of 2012, a senior official from the parent company said on Monday.

Macedonian non-life insurer Triglav Osiguruvanje said it turned to a net loss of some 49.1 million denars ($995,730/796,590 euro) in the first quarter of 2012 from a net profit of 184.5 million denars a year earlier.

Macedonian life insurer Croatia Osiguruvanje-Zivot said its audited net profit rose to 14.3 million denars ($290,660/231,945 euro) in 2011 from 13.9 million denars a year earlier.

Macedonian non-life insurance company Osiguritelna Polisa said its audited net profit rose to 44.2 million denars ($949,690/717,960 euro) in 2011 from 42.6 denars a year earlier.

Osiguruvanje Kjubi Makedonija said last year it turned to a net loss of 70.13 million denars ($1.5 million/1.1 million euro) from its non-life insurance operations and to a net loss of 1.579 million denars on the life insurance segment.

Figures released by the Insurance Supervision Agency in respect of insurance companies in Macedonia show an increase of 5.02% in total gross premiums written (GPW) over the period 2010 - 2011. The increase in GPW was primarily due to the authorization of new undertakings, and also because many insurers exhibited significant increases in premiums written over the previous year.

Macedonian non-life insurer Croatia Osiguruvanje-Nezivot said its audited net profit tripled to 11.583 million denars ($247,140/188,322 euro) in 2011 from 3.767 million denars a year earlier.

The premium income of Macedonian insurer Euroins Osiguruvanje rose by 4.56% to 7.41 million euro ($9.62 million) in 2011, its Sofia-based parent company Eurohold Bulgaria said.

The Macedonian financial watchdog said it has given the green light to Skopje-based life-insurer WINNER Life for a capital hike of 300,000 euro ($397,620) through a new share issue.

At the end of the first nine months of 2011, Macedonian insurance companies reported a growth of 9.8 percent y-o-y (in local currency). In the analyzed period, premiums reached MKD 5.17 billion or EUR 84 million, informed the Macedonian Insurance Supervision Agency. Non-life insurance sector accounted for MKD 4.86 billion of the total sum, while the remaining MKD 307 million pertains to life insurance premiums. Most insurance policies were signed for motor insurance (58.6%), property insurance (19.5%) and accidents insurance (8.2%). The overall value of claims paid increased by 5.7% to MKD 2.14 billion (EUR 34.7 million).

Interest of Albanians in investments in Macedonia has increased. In the past ten months of the year, they have invested some EUR 2 million in Macedonia, confirmed Macedonian economy minister Valjon Saracini, adding that Albanian businessmen have shown the most interest in investments in construction, insurance, hotel industry and Macedonian agriculture.

Macedonian authorities say 29 people, including 17 police officers, have been arrested on allegations they staged car accidents to collect on insurance claims.

A few days ago, Winner osiguranje celebrated a very successful business year, in which the insurance company acquired trust of 100,000 new customers. Continuous growth that Winner osiguranje has achieved in the past few years clearly points to the superior position of the company on the Macedonian insurance market.

Gross premiums of insurance companies Vardar osiguranje increased by 5 percent in the first six months this year, compared to last year when the company reported premiums of EUR 11.2 million. In the first three quarters of this year, the insurer made a profit of EUR 35 million, which is one tenth higher than in the same period last year.