Vienna Insurance Group buys Sigma in Albania

VIENNA, Sep. 20 – Wiener Stadtische Versicherung A.G. (Vienna Insurance Group) completed its acquisition of Albanian insurer Sigma last week, markings its official entry into the country’s insurance market. TBIH Financial Services Group N.V. (TBIH), in which Wiener St奴ische Versicherung has a majority stake, assumed a majority interest in Sigma Sh.a. at a purchase price of 16.13 million Euros. “By this acquisition, Vienna Insurance Group opens up further growth markets in the rising CEE region”, said Chief Executive Officer Gunter Geyer. “Sigma is one of the leading insurance companies in Albania and with its distribution capacities in two further markets it is an important building block for the Vienna Insurance Group,” he said. “Our comprehensive know-how and our international experience in the rising CEE markets will strengthen Sigma even more.” Sigma, founded in Tirana in 1998, focuses on property and casualty business. The company has a subsidiary in Macedonia and a branch office in Kosovo and employs a total of about 160 employees. In 2006, Sigma had a total premium volume of about 15 million Euros. In 2006, the company ranked third on the Albanian market with a market share of roughly 18 percent, according to Vienna Insurance Group.