Moldasig sold an 80% stake to VIG
Vienna Insurance Group Strengthens Presence in Moldova
Vienna Insurance Group (VIG) has made a significant move in the Republic of Moldova by acquiring an 80% stake in MOLDASIG S.A., a leading insurance company in the country. This acquisition, finalized through a Share Purchase Agreement with the Moldovan State, marks VIG's advancement as the market leader in Moldova with an estimated market share of around 30%.
The current CEO of VIG, Hartwig Löger, led the acquisition process. Löger expressed his commitment to Moldova and its European integration trajectory, highlighting the company's intention to apply its international expertise to enhance stability and risk protection in the Republic of Moldova.
VIG has been present in Moldova since 2014, following the acquisition of the insurance company Donaris. Donaris, now under VIG's control, serves over 120,000 customers nationwide in Moldova. The latest financial results of VIG show strong growth across all segments and lines of business, considerable profit growth, and a clear positioning in the market.
In the first three quarters of its latest financial year, VIG was able to generate a total premium revenue that increased by 11%. These impressive figures, confirmed in the reports covering the 2023 financial year of VIG, reflect the company's continued success and growth.
The transaction is subject to customary closing conditions, including notification to the Moldovan competition authority. Peter Hoefinger, Deputy CEO of VIG, specifically mentioned the transparent and professional organization of the acquisition process by the authorities of the Republic of Moldova.
VIG's expansion in Moldova is part of a broader strategy in Eastern Europe. The company has provided an interesting breakdown by country across Eastern Europe in its latest financial report, plus a note on rapid growth in Turkey.
This strategic move underscores VIG's commitment to supporting the insurance sector in Moldova and contributing to the country's economic growth and stability. With its strong financial performance and strategic acquisitions, VIG is well-positioned to continue its growth trajectory in the Republic of Moldova and beyond.
Read also:
- Deepwater Horizon Oil Spill: BP Faces Record-Breaking Settlement - Dubbed 'Largest Environmental Fine Ever Imposed'
- Cars' Environmental Impact Explained
- Lawsuit of Phenomenal Magnitude: FIFA under threat due to Diarra's verdict, accused of player injustice
- The German automobile sector requires advancement in environmentally friendly steel production
