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Oct 30, 2017 15:49 EEST
BANJA LUKA (Bosnia and Herzegovina), October 30 (SeeNews) – The Vienna Insurance Group (VIG) said on Monday it has signed a deal to fully acquire the Bosnian subsidiary of Merkur International Holding AG for an undisclosed sum.
The transaction is subject to approval by the local authorities, VIG said in a statement sent to SeeNews.
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Sarajevo-headquartered Merkur Osiguranje was set up in 2003. Its product portfolio includes mainly life insurance policies sold through financial intermediaries such as banks and insurance brokers.
Overall, it has a 4.4% market share in Bosnia-Herzegovina, but accounts for about 21% of the life insurance market.
"The Merkur acquisition will help us achieve our aim of expanding the product portfolio to include the life insurance segment", said Peter Hofinger, VIG board member responsible for Bosnia and Herzegovina.
VIG is present in Bosnia via Wiener Osiguranje based in the country's Serb Republic entity.
By acquiring Merkur, VIG will branch out to Bosnia's other entity, the Federation, as well as almost double its market share on the territory of Bosnia.
"VIG improves its market rank to number three in Bosnia and Herzegovina, up from seventh position," the insurer said.
VIG has had a presence in the Serb Republic since 2011, via its unit Wiener Osiguranje, which has a market share of about 5%.
Vienna-headquartered VIG operates around 50 insurance companies in 25 countries in Europe, including Romania, Serbia, Moldova, Bulgaria, Albania, Macedonia and Croatia.
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