Acquisition, Life Insurance, Romania
AXA SA, the listed France based insurance group, offering life, property, casualty, reinsurance, financial services and real estate investment services has agreed to acquire Omniasig Life, the Romania based life insurance Company from Omniasig Vienna Insurance Group, the Romania based insurance company and subsidiary of Vienna Insurance Group (VIG), the listed Austria based insurance company, for an undisclosed consideration, estimated to be maximum of EUR 10m.
Omniasig Life generated annual turnover of EUR 14m in 2008 and contributed 2.7% market share in the insurance sector. The acquisition is expected to be closed in the first half of 2010. VIG also owns Asirom, BCR Asigurari and BCR Asigurari de Viata. The disposal will enable VIG to focus on development of these three companies.~ Mergermarket