Swiss Life Network Partner Wiener Städtische Allgemeine Versicherung AG of Austria announced at the end of June that it had bought shares in Polish life and non-life insurer Compensa from Germany's HUK Coburg Holding GmbH.
Wiener Städtische already owned 50% of the Polish insurer, and now holds 99.86% of Polish Compensa Sach and 100% of Compensa Leben.
Wiener Städtische Versicherung has further plans to acquire 100% ownership of Polish property insurer Benefia Towarzystwo Ubezpieczen Majatkowych S.A. and life insurer Benefia Towarzystwo Ubezpieczen Zycie S.A. from TORO Assicurazioni of Italy. The two Warsaw-based insurers generated premium income of PLN 128 million (EUR 31.5 million) in 2004.
Together with Compensa, the newly-created group will rank 9th in the Polish overall insurance market.
Both transactions are subject to the approval of the antitrust authorities.
For more information please visit www.compensa.pl
Wiener Städtische Versicherung has further plans to acquire 100% ownership of Polish property insurer Benefia Towarzystwo Ubezpieczen Majatkowych S.A. and life insurer Benefia Towarzystwo Ubezpieczen Zycie S.A. from TORO Assicurazioni of Italy. The two Warsaw-based insurers generated premium income of PLN 128 million (EUR 31.5 million) in 2004.
Together with Compensa, the newly-created group will rank 9th in the Polish overall insurance market.
Both transactions are subject to the approval of the antitrust authorities.
For more information please visit www.compensa.pl