VIENNA INSURANCE PLANTS FLAG IN MOLDAVIA WITH ACQUISITION

Vienna Insurance Group has entered a new market through the acquisition of Moldavian insurer Societatea de Asigurări-Reasigurări (Donaris). The Austrian insurer has signed an agreement to acquire approximately 94% of Donaris, a non-life insurer based in the Moldovan capital Chisinau. The insurer recorded premiums of Euro 2.8m in the first half of 2013, up 9% on the previous year. "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," said Peter Hagen, CEO of the Vienna Insurance Group. "Donaris provides a good platform for positioning in the insurance market in Moldova,” he said. Founded in 1998 Donaris has a market share of 8.4%, making it the fourth largest non-life insurer in Moldova. Some 80% of the business written by Donaris is motor insurance. The acquisition is subject to regulatory approvals.