Sigal Group – majority takeover of the market leader in Albania

UNIQA was able to further strengthen its position in 2009 within South Eastern Europe by taking over a majority share of roughly 68.7% in the Albanian insurance company Sigal, a successful cooperation partner with UNIQA since 2007. The transaction was closed at the end of 2009 after all required approvals were granted.

Founded in 1999 as the first private insurance company in Albania, Sigal successfully established itself as the market leader with a most recently determined market share of 33%. In 2009 alone, the company increased its premium volume in Albania to €19 million, which corresponds to an increase in local currency by 30%. In addition to the home market of Albania, Sigal also works in the markets of Kosovo and Macedonia, where it last year earned premiums of €7 million and €6 million, respectively. Sigal serves over 300,000 customers and employs 320 regular staff.

Totalling roughly 7.5 million residents with below-average insurance density and penetration, Albania, Kosovo and Macedonia harbour interesting potential for the UNIQA Group. For example, private life insurance policies have only been offered in Kosovo since 2008.