VIG to acquire 75% of QBE Makedonija

25 September 2012 — Vlad BOLDIJAR
VIG to acquire 75% of QBE Makedonija
vig1VIENNA 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.

"This acquisition will increase the VIENNA Insurance Group's share of the Macedonian insurance market to around 20%, making us the market leader by some distance. It is another step in our strategy of enhancing our presence in Central and Eastern Europe and exploiting the region's growth potential to the full", explained Peter HAGEN, CEO, VIENNA Insurance Group.

QBE Makedonija has a broad product portfolio, with a focus on motor and casualty insurance, and a strong nationwide sales network. QBE currently has over 200 employees working at its 19 branches. In 2011 the company was the third largest one on the Macedonian insurance market, with a premium income of around EUR 12 million. 

VIG entered the Macedonian insurance market in 2007. In 2011, its group companies WINNER and WINNER Life achieved a combined premium volume of EUR 8.6 million.