IR News/Inside Information (AD-HOC)
Vienna Insurance Group completes acquisition of Gothaer TU in Poland
VIG strengthens non-life presence on the Polish market
Vienna Insurance Group (VIG) acquires 100 percent of the shares of Gothaer Towarzystwo Ubezpieczeń (Gothaer TU). The transaction was closed on 28th February 2019 following approval by the local authorities.
VIG purchases the company from the German Gothaer Group. The purchase agreement was signed on 6 June 2018. Gothaer TU offers non-life insurance products mainly through brokers and agents. The company generated a solid premium volume of around EUR 170 million in 2018. Gothaer TU serves more than 700.000 customers and manages more than two million insurance policies. It currently has 530 employees. With the acquisition of Gothaer TU VIG strengthens the market position in non-life in Poland. Together with Gothaer TU the market share in non-life will increase to around 9 percent.
VIG now operates with five companies and four different brands in the Polish insurance market. The VIG Group companies are Compensa Life, Compensa Non-Life, InterRisk, Vienna Life and Gothaer TU. VIG (excluding Gothaer TU) in Poland generated premiums of around EUR 670 million, a profit (before taxes) of EUR 23.5 million and an excellent combined ratio of 93.5 percent in the first three quarters of 2018.