VIENNA (Thomson Financial) - Wiener Staedtische AG (Vienna Insurance Group) said it has bought a majority stake in the Albanian insurance company Sigma Sh.a for 16.13 mln eur.
Vienna Insurance Group said it had bought 75 per cent plus one share in Sigma with an agreement to purchase a further 12.5 pct in the first half of 2011 and the remaining holding in the middle of 2012.
'Sigma is one of the leading insurance companies in Albania and, with its distribution capacities in two further markets, an important building block for the Vienna Insurance Group,' said Vienna Insurance Company chief executive Guenter Geyer in a statement.
The Albanian insurance market yielded premiums of 37 mln eur in 2006, to which Sigma contributed 15 mln eur. (Forbes - Thomson News)
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