"We are very pleased to have extended the VIG family with a well-established insurer in the shape of Makedonija. With a market share of around 25 percent, the Vienna Insurance Group is now number one in the insurance market in Macedonia, which has recently developed very positively. The acquisition has allowed us to significantly boost our presence in yet another market in Southeastern Europe," said Peter Hagen, CEO of Vienna Insurance Group.
Makedonija has an almost 70-year history in the Macedonian market. Formed in 1945 as a state insurance company, it was eventually privatised and most recently belonged to an Australian insurance group. The Vienna Insurance Group's acquisition of the company was announced in September 2012 and regulatory approval was granted in April 2013.
VIG market leader in Macedonia
Over 200 people work at Makedonija, serving customers at its 19 branches. In 2012, the company recorded premium income of around 11.2 million Euros. Its main focus is on non-life insurance, especially on non-motor segments.
Vienna Insurance Group is active in Macedonia through its Group companies Winner and Winner Life since 2007. They posted a premium volume of about 10.2 million Euros in 2012. VIG Group companies had a combined market share of 24.7 percent in the first quarter of 2013.
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