11.11.2009 |
The UNIQA Group will acquire about a further 23% of the share capital in Albanian insurance company Sigal from other shareholders and thereby increase its share in the Albanian market leader and its subsidiaries in Kosovo and Macedonia to around 68,7%. The relevant agreements with the former shareholders were signed on Wednesday, 11 November 2009 in Tirana. The transaction is still subject to the approval of the responsible authorities. The deal is expected to be closed within the next three to four months.
Right at the beginning of the cooperation with Sigal in 2007, UNIQA secured itself options to acquire a majority holding. Sigal has used the exchange of experience with the companies of the UNIQA Group outstandingly well within the scope of the existing cooperation and further developed its undisputed position as the number one insurer in Albania by increasing its market share in this period from 28% to over 32%.
Now that the agreement with the shareholders of the Sigal Group has been concluded, UNIQA also has finalised options to purchase the remaining shares over the next few years. Sigal has already been operating on the markets of Albania, Macedonia and Kosovo as a member of the UNIQA Group for some time.
Sigal Group Sigal was founded in 1999 as the first private insurance company in Albania and apart from Albania also has operational subsidiaries in Kosovo and Macedonia. In 2008, the Group generated a total premium volume in the three markets of EUR 27.7 million. The companies of the Sigal Group have a comprehensive network of customer offices, in addition to the head offices in Tirana, Pristina and Skopje. The 260 salaried employees are supported in sales activities by over 400 insurance brokers and numerous employees at cooperating banks.
In the first nine months of this year, the companies of the Sigal Group succeeded in increasing premiums by 29% to EUR 25.3 million. Sigal generated EUR 15.5 million of that amount in Albania, EUR 5,3 million in Kosovo and EUR 4.5 million in Macedonia.
With a 30.6% market share in the non-life line, over 50% in life insurance and 32.6% in total, Sigal is the clear market leader amongst Albania's insurers.
Vienna, 11. November 2009