MUNICH Re look closely to UNITA
MUNICH Re has finalized due-diligence procedure and is looking
for presenting an offer for the majority stake in Romanian-based UNITA,
according to sources from the market.
Beside the German reinsurer, French-based AXA also have shown
its interest in acquiring UNITA, member of the VIENNA Insurance Group.
UNITA is the first company founded in Romania after 1989 with
private capital, being purchased by Austrian Group VIENNA Insurance in
2003.
Following the agreement between ERSTE and VIG about property
transfer of life and non-life insurance companies that were controlled
by bank, VIG announced its decision to sell UNITA, to avoid possible problems
with the Competition Council.
In 2007 UNITA have wrote EUR 142.02 million in premiums, up
by 93,18% compared with the previous year (EUR 73.55 million).
Author: Mihaela CIRCU
on 08.05.2008
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