VIENNA, Oct 22 (Reuters) - Austrian insurance group Uniqa has agreed to buy insurance companies in Croatia and Serbia from Switzerland’s Baloise for 75 million euros ($103 million), it said.
The acquisition of the Basler companies will boost Uniqa’s market position, particularly in Croatia, where Basler has market share of 4.5 percent, Uniqa said on Tuesday.
Uniqa, which raised 757 million euros earlier this month in a stock sale to finance expansion in eastern Europe, said it expected to complete the purchase in the first quarter of 2014. ($1 = 0.7312 euros)
Reporting by Georgina Prodhan; Editing by David Cowell