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Uniqa to Aquire Western Balkan Insurance Companies

Published: October 22, 2013; 09:42 · (Vindobona)

Listed insurance company Uniqa will take over Croatian and Serbian affiliates of Swiss insurance group Baloise (Basler) to strengthen its market position in the Western Balkan states.

Uniqa to Aquire Western Balkan Insurance Companies / Picture: © Uniqa Group

The Croatian affiliate of insurer Baloise has around 470 employees as well as 148,000 clients. Last year the company reached a volume of premium of € 53.7m. With a market share of 4.5 percent, the Croatian affiliate of Baloise came at sixth place. The Serbian affiliate employs around 110 persons and 35,000 clients and generated a volume of premium in the amount of € 3.7m. With a market share of 0.7 percent the company ranks 13th at the Serbian insurance market.

The purchasing price for both affiliates of Baloise Group is € 75m. The purchase agreement for the taking-over of the CESEE affiliates was signed on Monday. The closing of the acquisition is supposed to be completed in the first quarter of 2014.

In the first half year Uniqa generated a growth of premium of 11 percent to € 77.3m in the SEE region including countries like Albania, Bosnia and Herzegovina, Kosovo, Croatia, Macedonia, Montenegro and Serbia. The insurance density in SEE is very low which is why there is a strong growth potential.

CEO Andreas Brandstetter admits that Uniqa´s entry in the CESEE region was relatively late. “In Ukraine, Albania and Bulgaria, we tried to build up our business very rapidly. Nevertheless, we do not have our planned market shares yet.” Brandstetter admits that some subsidiaries record only low premium intake figures. Moreover, there are fixed administrative costs. “We do not have a subsidiary which is burning money. But we have some subsidiaries which earn not enough.”