Hypo Group Sells Insurance Segment

Professional ServicesInsurance ♦ Published: January 2, 2012; 17:29 ♦ (Vindobona)

The nationalized Austrian Hypo Group Alpe Adria sold its insurance subsidiary, Hypo Alpe Adria Insurance Services (HIS).

Hypo Group Sells Insurance Segment / Picture: © Wikipedia / JJ55 (30 March 2008)

HIS, which was part of the Austrian subsidiary of Hypo Group, recorded profits of € 1.3m in 2010. The buyer is the Upper-Austrian SIVAG group. The price for the transaction was not announced. Hypo Group bought HIS in 1995, when it was an independent insurance company.

According to the director of Hypo Group, Peter Lazar, the sale is part of the overall strategy of Hypo Group.…