Vienna Insurance Group AG is wholly acquiring Gothaer Finanzholding AG's Polish insurance unit, Gothaer Towarzystwo Ubezpieczen SA, subject to approval by local authorities.
Terms of the deal were not disclosed.
Franz Fuchs, the member of Vienna Insurance's managing board responsible for Poland, said the acquisition will increase the insurer's market share in the country's nonlife segment to 7.8% from 6.2%. He noted that Vienna aims to reach a market share of at least 10% in the medium term.
Warsaw-based Gothaer serves more than 632,000 customers and manages roughly 2 million insurance policies. It has 530 employees and six branches.
Gothaer and Gothaer Finanzholding's ultimate parent is German insurance group Gothaer Versicherungsbank VVaG.
