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Agras, added bonus to Uniqa's acquisition of Unita

04.07.2008, 21:53 11

Agras, an agricultural insurance company, which transferred its portfolio to Omniasig in May, will be taken over by Austrian group Uniqa. Uniqa recently took over Unita, the majority shareholder of Agras, from Austrian group Vienna Insurance, with the contract being signed a few days ago. The transaction will be analysed by local and EU competition authorities and could be finalised in the third quarter of this year. Uniqa also holds 27% in Astra Asigurari, while Vienna Insurance controls Omniasig, Omniasig Life and Asirom, and is currently working on the last details of the acquisition of BCR Asigurari and BCR Asigurari de Viata. The Vienna Insurance Group sold Unita in order to be able to buy BCR's insurance division, with the Austrian group already having a large share of the market, of over 37%. When acquiring Unita, Austrian-based Uniqa will get Agras as a "bonus", an insurer with 32 employees and without a portfolio. Agras, which was for several years the largest agricultural insurer, currently no longer sells insurance products.

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