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VIG Officially Bids for Polish Warta

Published: November 7, 2011; 11:54 · (Vindobona)

Potential buyers of the Polish Warta insurance had to publish their offers by the end of October. Vienna Insurance Group participates.

VIG Officially Bids for Polish Warta / Picture: © Vienna Insurance Group

“We have announced our interest in acquiring Warta.”, Günter Geyer, CEO of the Vienna Insurance Group (VIG) said to the Austrian newspaper “Wirtschaftsblatt”.

Potential buyers also had to publish if a capital increase would be necessary in order to realize the acquisition. VIG has no necessity to raise the equity base. Geyer assumes that those companies, which need a capital increase, will be excluded from the selling process.

VIG´s CEO expects that books of Warta will be opened for potential buyers by December or January. After that, the binding bids will be announced. According to market observers, players such as the German Allianz, the Italian Generali, the Swiss Zurich Financial and the French Axa participate. The Austrian Uniqua does not take place.

Warta, which is one of the largest insurance companies of Poland, is sold by the Belgian bank group KBC. The premium income amounted to € 1.0bn in 2010. VIG currently has a market share of 5.4% in Poland, premiums reached € 747m in the previous year. The first half year of 2011 brought a premium increase by 40%. The focus of Warta is the life insurance segment.