November 11 (SeeNews) - Austria's insurance group Uniqa will raise its stake in Albanian insurer Sigal to 68.7% by acquiring an additional 23% stake for an undisclosed sum, Uniqa said on Wednesday.
"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," Uniqa said in a statement.
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Uniqa acquired a 46% stake in Sigal back in December 2007 when it agreed an option to acquire the majority stake in the insurer at a later stage. Now, Uniqa has also finalised options to purchase the remaining shares over the next few years, it added.
Sigal (www.sigal.com.al) was the first private insurance company to be set up in Albania, in 1999. Currently, it has a 32.9% market share in the country and is present in neighbouring Macedonia and in Kosovo via subsidiaries and branches.
In 2008, Sigal generated a total premium volume of 27.7 million euro ($41.5 million) in its three markets of operations. Its premiums rose by 29% on the year to 25.3 million euro in the first nine months of 2009.
($ = 0.6667 euro)