VIG enters MOLDOVA through the acquisition of DONARIS GROUP

12 February 2014 — Vlad BOLDIJAR
vig1VIENNA Insurance Group (VIG) announced at the end of January that it had signed an agreement to acquire around 94% of the Moldovan insurer DONARIS Group. The acquisition is subject to regulatory approvals. "By entering the Moldovan market, we have expanded the VIG's network to 25 countries and gained access to one of the last blank areas on our map of Central and Eastern Europe. DONARIS provides a good platform for positioning on the insurance market in Moldova," commented Peter HAGEN, CEO of the VIG.

DONARIS was founded in 1998 and has its head office in the Moldovan capital city Chisinau. The non-life insurer recorded premiums of EUR 2.8 million in the first half of 2013, about 9.0% up over the year. It has a market share of 8.4%, 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 branch offices. Insurance products are sold through its own branch offices as well as via agents and partnerships with brokers, banks and leasing companies.

"DONARIS provides a good platform for positioning on the insurance market in Moldova," Chief Executive Peter HAGEN said.

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