VIG to Start Due Diligence on Warta in October

Published: September 28, 2011; 19:55 · (Vindobona)

The Austrian insurance group intends to grow on the Polish market. An acquisition would double its premium income in the country.

VIG to Start Due Diligence on Warta in October / Picture: © Vienna Insurance Group

Vienna Insurance Group AG (VIG) expects to have the chance to scrutinize the books of Warta Insurance next month. This was announced today by the group’s CEO Günter Geyer. He said that due diligence could start in the first half of October already. VIG would have a close look at the data and then decide whether or not to buy the Polish insurance company, Geyer added. Management does not expect any antitrust problems in the case of a takeover.

Warta is currently owned by the Belgian KBC Group. An acquisition of the company would double VIG’s business in Poland in terms of premium income. In the first quarter of 2011, the group was the third largest insurer in the country in terms of the overall market as well as in the non-life insurance segment.

The Austrian group has been active in Poland since 1998. Following the recent merger of its subsidiaries, VIG is now represented by five companies and three different brands in the country. It operates nationwide with approximately 170 branches and around 2,000 employees.