VIG expands in Poland by acquiring stake in insurance association "TUW"

20 February 2019 — Cosmin CONCEATU
Vienna Insurance Group (VIG) has purchased the entire stake of France's MACIF-Group in TUW "TUW" through InterRisk Group company. This operation will increase the VIG's share in Polish non-life market to 7%, getting VIG closer to its 10% market share medium term goal.

InterRisk has been operating in the Polish insurance market since 1993, joining the VIG group in 2006. TUW mutual insurance society operates in Poland since 1992, being a reliable insurance partner to local authorities, agricultural and church institutions, with nearly 1.7 million clients.

VIG's partners from Poland recorded in the first three quarters of 2018 a premium income of EUR 670 million. InterRisk, in particular, counted around EUR 184 million premiums income in 3Q 2018. InterRisk will expect an additional premium volume of EUR 70 million as a result of "TUW" stakes acquisition.

"Our acquisition of a stake in TUW "TUW" marks the start of a strategic partnership aimed at capitalising on our strengths for the good of the society's members. At the same time, we are taking another step towards the targeted strengthening of our position on the non-life market", commented Franz FUCHS, member of VIG's Managing Board.

"We believe that the cooperation between our companies will greatly contribute to the development of both organizations. We look with optimism at the future, which for us appears under the sign of reciprocal use of what each insurer can offer the best", says Ewa STACHURA-KRUSZEWSKA, President of the Management Board of TUW" TUW ".

"With great satisfaction we adopted the position expressed by the Polish Financial Supervision Authority (KNF). The combining forces of both organizations will contribute to achieving mutual benefits on both sides, as well as for our members and clients. The established cooperation will allow us to offer products that will better meet the needs of those seeking for insurance protection, in vast areas", says Piotr NARLOCH, President of the InterRisk Management Board.

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