Vienna Insurance Group AG Wiener Versicherung Gruppe has reached an agreement with Dogan Sirketler Grubu Holding on the acquisition of about 10% of the Turkish non-life insurer Ray Sigorta.

Vienna Insurance Group already holds an 84.3% stake in Ray Sigorta via TBIH Financial Services Group (TBIH), a 100% holding of Vienna Insurance Group.

Following this latest transaction, Vienna Insurance will therefore hold a total stake of about 94.3%. Vienna Insurance Group entered the Turkish insurance market via TBIH in 2007.

Ray Sigorta is a listed Turkish insurance company based in Istanbul with around 260 employees. It provides non-life insurance services with a focus on motor insurance. It has distribution network with eight regional offices and a network of around 800 brokers and agents.

Dogan Sirketler Grubu Holding is a Turkey-based holding company, owned by Dogan Group, providing management consultancy, finance and internal audit services to its subsidiaries.