Vienna Insurance Group: increase the proportion of TBIH to 100 percent

Published: July 23, 2010; 00:00 · (Vindobona)

After taking the lead in the TBIH Financial Services Group NV (TBIH), the Vienna Insurance Group agreed with Kardan Financial Services BV to acquire its minority stake of 40 percent.

Vienna Insurance Group: increase the proportion of TBIH to 100 percent / Picture: © Vienna Insurance Group

Thus, the Vienna Insurance Group will hold 100 per cent after the completion of the transaction.

With this step the Vienna Insurance Group successfully closes the steady expansion of its influence on TBIH. Already in 2009, the Vienna Insurance Group took over TBIH shares in Albania, Bulgaria, Croatia and Macedonia.

TBIH now holds majority shares in insurance companies in Turkey, Ukraine and Georgia.

The Turkish insurance company Ray Sigorta 2009 generated a premium volume of around €113m ($148m). The Ukrainian UIG and VAB Insurance have a combined premium volume of around €40m ($52.26m). In Georgia, the TBIH is the market leader with its stakes in insurance companies and GPIH IRAO: The premium volume in 2009 was around €50m ($65.32m). Transactions also include the majority stake in TBIH Doverie Pension Fund AD, the leading Bulgarian pension funds.

The acquisition of the minority stake of 40 percent in TBIH is subject to regulatory approvals.

The listed Vienna Insurance Group (VIG), based in Vienna is one of the leading insurance groups in CEE. Outside its home market Austria, Vienna Insurance Group is actively involved in Albania, Bulgaria, Germany, Estonia, Georgia, Croatia, Latvia, Liechtenstein, Lithuania, Macedonia, Poland, Romania, Russia, Serbia, Slovakia, the Czech Republic, Turkey, Hungary, Ukraine and Belarus. It also has branches in Italy and Slovenia.