Austrians Shopping for Insureres in Balkans

Tirana, Jan. 6, 2008 – Austrian company Vienna Insurance Group is seeking to expand in the Balkan insurance market.
The Macedonian branch of Albanian insurance company Sigma, was sold in Skopje stock exchange for 1.31 million Euro, local media reports. The new owner is reported to be Vienna Insurance Group, but the news is still unconfirmed.
TBIH Financial Services Group N.V. (TBIH), in which Wiener St奴ische Versicherung AG Vienna Insurance Group assumed a majority interest in Sigma Sh.a. Albania on September 2007. Altogether a stake of 75 percent plus one share in Sigma has been acquired. The purchase price was EUR 16.13 million, according to an official statement. Furthermore, it was agreed upon with the remaining minority shareholders that they have the right to sell 12.5 percent of the shares in the first half of the year 2011 and the remaining stake at mid-year 2012.
In December the Vienna Insurance group announced that was interested to acquire the majority shares held by TBIH in Sigma Sh.a. as well as in its Macedonian subsidiary in the amount of approximately 87 percent.