VIENNA, Jan 31 (Reuters) - Vienna Insurance Group has agreed to buy a 94 percent stake in Moldovan insurer Donaris Group SA, it said on Friday, without giving financial details of the deal.
“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,” Chief Executive Peter Hagen said.
Non-life insurer Donaris, founded in 1998, booked premiums of 2.8 million euros ($3.8 million) in the first half of 2013, an increase of around 9 percent year on year. Around 80 percent of the premiums are for motor insurance, Vienna said.
Donaris’s market share of 8.4 percent makes it the fourth largest non-life insurer in Moldova.
$1 = 0.7373 euros Reporting by Michael Shields. Editing by Jane Merriman