Austria-based Vienna Insurance Group (VIG) has closed the previously announced acquisition of the Bosnian subsidiary of Merkur International after securing approval from the local authorities.
The acquired business mainly offers life insurance products and services in Bosnia and Herzegovina.
As a result of completion of the deal, which was inked in October last year, VIG moves up from eighth to third position in Bosnian and Herzegovinian insurance market.
The deal will allow VIG to expand its product range in Bosnia and Herzegovina, which has so far mainly been focused on the non-life business.
VIG, which is now represented by two Group companies, is ranked second in the country’s life insurance segment, with a market share of over 25%.
Prior to this acquisition, VIG Group has been operating in the country through its subsidiary Wiener Osiguranje, which operates primarily in Republika Srpska.
The company’s two independent companies generated combined premium income of around € 26m in the third quarter of 2017.