Vienna Insurance Group (VIG) has submitted a bid to acquire 80% of the shares of MOLDASIG S.A. (Moldasig) following an invitation from the Government of the Republic of Moldova.

The transaction aims to increase stability and excellence in risk protection, and follows a multi-stage bidding process initiated by the Moldovan state taking over 80% of the company’s shares.

Moldasig, based in Chișinău, is one of Moldova’s leading non-life insurance companies, and has a market share of around 14%.

It offers the full range of non-life insurance products to individual and corporate clients.

VIG has been an established player in the Moldovan market since 2014, when it acquired the insurance company Donaris.

VIG’s acquisition of Moldasig aims to establish the company as a Moldovan market leader with a market share of around 30%. The Moldovan National Bank has already approved VIG as a potential buyer of the carrier.

Peter Höfinger, Deputy Chief Executive Officer of VIG and responsible Board Member for Moldova on the intended acquisition, commented, “We welcome the government’s decision to attract international investors who aim at accelerating the local economy.

“As the market leader in the CEE region VIG brings in deep expertise that takes insurance protection to the next level.

“The attractiveness of Moldova’s economy has grown steadily. With the planned investment we express our trust in Moldova’s EU accession path and will further develop the local insurance market for the benefit of our customers.”

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