Austrian insurer, Wiener Staedtische Versicherung AG, has expanded its presence in Poland with the purchase of a...
Austrian insurer, Wiener Staedtische Versicherung AG, has expanded its presence in Poland with the purchase of a 75-per-cent stake in peer TU Polski Zwiazek Motorowy S.A. (TU PZM), the Austrian company said in a statement Monday.
The buy into the non-life insurer will boost Austrian insurers Polish asset portfolio to stakes in seven companies.
So far, Wiener Staedtische has been shareholder of Cigna STU, Royal Polska, Compensa Life and Compensa Non-Life, Benefia Life and Benefia Non-Life. The combined interest entitled it to 5.9 per cent of the market as of end-September 2006, the statement read.
The transaction, struck with to-date full owner of TU Polski Zwiazek Motorowy, Automobile Assn., will retain the closed-type shareholding structure.
Gunter Geyer, CEO of Wiener Stadtische, was quoted in a statement as saying: "Through the investment in TU PZM, Wiener Staedtische significantly expands its distribution power. PZM acting as distribution partner is represented throughout Poland with an important network of agencies, offices and workshops. This enables Vienna Insurance Group to exploit increasingly the high market potential."