The Vienna Insurance Group has reached an agreement to purchase nearly 94% of the insurance company Societatea de Asigurări-Reasigurări (Donaris Group), for an undisclosed sum.
With the acquisition of Donaris, which is pending receipt of the concerned regulatory approvals, Vienna Insurance plans to bolster its footprint in the country.
Vienna Insurance Group CEO Peter Hagen said, "By entering the Moldovan market, we have expanded the Vienna Insurance Group’s network to 25 countries and gained access to one of the last blank areas on our map of Central and Eastern Europe.
"Donaris provides a good platform for positioning in the insurance market in Moldova."
Established in 1998, Donaris operates as a non-life insurer and is located in the Moldovan capital Chisinau.
For the first half of 2013, Donaris reported premiums of €2.8m, an increase of nearly 9% compared to the previous year. Of the total, 80% of the premiums are attributable to motor insurance segment.
With a workforce of total 120 staff, Donaris markets its insurance products and services through its own branch offices as well as agents and via partnerships with brokers, banks and leasing companies.
Image: Vienna Insurance acquires Donaris. Photo courtesy of stockimages/ FreeDigitalPhotos.net.