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VIENNA, Austria Wiener Stadtische Versicherung A.G., also known as Vienna Insurance Group, has acquired a majority stake in a Polish non-life insurer,TU Polski Związek Motorowy S.A., the Vienna-based insurer announced.
Wiener Stadtische has a 75% stake in the Warsaw-based insurance company,with the remaining shares held by the former majority owner, the PolishAutomobile Assn.
Gunter Geyer, CEO of Wiener Stadtische, said in a statement: "Through theinvestment in TU PZM, Vienna Insurance Group significantly expands itsdistribution power. The Polish Automobile Association PZM acting asdistribution partner is represented throughout Poland with an importantnetwork of agencies, offices and workshops. This enables Vienna InsuranceGroup to exploit increasingly the high market potential."
Vienna Insurance Group already operates in the Polish market through sixcompanies: Compensa Life and Compensa non-life, Cigna STU S.A., Benefia Lifeand Benefia non-life and Royal Polska.
In the non-life sector the Vienna Insurance Group is fifth largest overall in thePolish market with a market share of around 5.9% as of the third quarter of2006, the company said.