Uniqa Group Austria has entered into an extensive cooperation agreement with Albanian insurer Sigal to provide a foundation for the extension of the preferred partnership distribution cooperation of Uniqa with the Raiffeisen Banking Group in Albania.
Sigal holds a 28% market share, positioning it as the largest insurance provider in Albania. It also possesses subsidiaries and representations in addition to having a market presence in Kosovo and Macedonia.
The agreement has enabled Uniqa to secure the possibility of a majority acquisition in Sigal in 2010 by means of a fixed option in the contract. It is also in line with Uniqa’s current strategy to gradually grow its international operations into south and southeastern Europe.
Sigal was founded in 1999 as one of Albania’s first private insurance companies. It has a comprehensive sales network offering a wide range of insurance products and services.