The Vienna Insurance Group has signed an agreement to acquire Albania-based insurance company Interalbanian (Interalbanian).

Interalbanian founded in 2004, is particularly active in the motor insurance market, with 34 sales offices and 132 employees acorss the country.

Vienna Insurance Group has said that during the course of transaction, it has acquired a 75% stake plus one share in the company. With its non-life insurer Sigma, the Vienna Insurance Group has been active in the Albanian market since 2007.

Vienna Insurance Group CEO Gunter Geyer said, the acquisition is to strengthen the position in Albania in order to take advantage of the country’s full potential. The continuing great need to catch up and the positive economic trend in Albania constitute solid conditions for strong long-term growth.

However, the transaction is subject to regulatory approvals.