Vienna Insurance Group expands in Bulgaria: Bulstrad closes UBB-AIG acquisition
Following the signature of the agreement to fully acquire Bulgarian bancassurer UBB-AIG and regulatory approval of the acquisition, the transaction has now been completed. Simultaneously with Bulstrad’s – a well-established VIG Group company in Bulgaria – acquisition of UBB-AIG a cooperation agreement with United Bulgarian Bank (UBB) was signed. As a result, Vienna Insurance Group has expanded its portfolio in Bulgaria, enhancing sales potential in the country as part of the Group’s multi-brand distribution strategy.
“Bulgaria is one of our core markets. By acquiring UBB-AIG Bulstrad took advantage of the opportunity to strengthen its presence in the Bulgarian market and open up further customer segments.”
Peter Höfinger, Member of the VIG Managing Board
UBB-AIG was set up in 2006 as UBB’s bancassurance company and operates in the non-life segment. UBB-AIG has recorded a stable development in the past few years. In 2014 the company’s premium income was BGN 4.5 million (around EUR 2.3 million), and net profit reached BGN 1.38 million (approx. EUR 0.7 million).
UBB is Bulgaria’s third-largest retail bank, with over one million customers and a network of more than 200 branches and sales offices.
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