Moldova: Vienna Insurance Group bid for taking over MOLDASIG S.A.
Following the invitation of the Government of the Republic of Moldova, Vienna Insurance Group (VIG) has submitted a bid for the acquisition of 80% of the shares of MOLDASIG S.A. (Moldasig). The transaction aims at increasing stability and excellence in the field of risk protection.
With a market share of around 14 percent, Moldasig, based in Chișinău, is one of Moldova’s leading non-life insurance companies. The company offers the full range of non-life insurance products to both individual and corporate clients.
This transaction follows a multi-stage bidding process, initiated by the Moldovan state taking over 80 percent of the company's shares. Peter Höfinger, Deputy CEO of VIG and responsible Board Member for Moldova on the intended acquisition:
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.
VIG has been present on the Moldovan market since 2014 when acquiring the insurance company Donaris, which currently serves more than 120 thousand clients. After the acquisition of Moldasig, VIG would be the clear market leader with a market share of around 30 percent. The Moldovan National Bank has already approved VIG as a potential buyer of Moldasig.
