Latest news with #ViennaInsuranceGroup
Mint
7 days ago
- Business
- Mint
Activist 7Square pushes Germanys Nuernberger to consider rival offers
By Alexander Hübner and Emma-Victoria Farr FRANKFURT, Aug 12 (Reuters) - Nuernberger Beteiligungs AG should consider rival takeover offers, activist investor 7Square wrote in a letter to the German insurer's board on Tuesday, stating that a potential bid by Vienna Insurance Group undervalues the business. The life-insurance, property and casualty insurance divisions of Nuernberger have underperformed for years, 7Square, which holds an unspecified stake in Nuernberger, wrote in the letter seen by Reuters. Yet the group could be worth as much as 1.6 billion euros ($1.87 billion), it said. Bloomberg reported on the letter earlier on Tuesday. Nuernberger did not immediately reply to requests for comment on 7Square's letter. Vienna Insurance Group declined to comment. Shares of Nuernberger fell 0.7% in Frankfurt on Tuesday, giving it a market value of 700 million euros. Vienna Insurance Group announced last week it was in exclusive due diligence for a potential takeover of a controlling stake in the German company, without specifying a possible price. Nuernberger should end discussions with VIG and start a new sales process to explore strategic options, 7Square wrote in the letter. A sale to the Viennese company would be "extremely disadvantageous and value-destroying for shareholders," it added. Nuernberger's investors include Munich Re, Hannover Re, Swiss Re and Japan's T&D Holdings. "We have concrete knowledge of the interest of several strategic investors, who would be interested in acquiring the life-insurance division or the entire Nuernberger Group," 7Square wrote in the letter. 7Square is also calling on Nuernberger to lift transfer restrictions on its shares, which requires the management board to approve significant stock transactions. As Nuernberger shares are listed on Frankfurt's over-the-counter 'Scale' segment, an acquirer of a majority stake would not be required to make a mandatory offer for the remaining shares, which 7Square said would permanently reduce the value for all shareholders. 7Square advises hedge funds and activist shareholders on publicly listed German companies, occasionally investing itself. ($1 = 0.8570 euros) (Reporting by Alexander Huebner and Emma-Victoria Farr; Editing by Joe Bavier)
Reuters
7 days ago
- Business
- Reuters
Activist 7Square pushes Germany's Nuernberger to consider rival offers
FRANKFURT, Aug 12 (Reuters) - Nuernberger Beteiligungs AG ( opens new tab should consider rival takeover offers, activist investor 7Square wrote in a letter to the German insurer's board on Tuesday, stating that a potential bid by Vienna Insurance Group ( opens new tab undervalues the business. The life-insurance, property and casualty insurance divisions of Nuernberger have underperformed for years, 7Square, which holds an unspecified stake in Nuernberger, wrote in the letter seen by Reuters. Yet the group could be worth as much as 1.6 billion euros ($1.87 billion), it said. Bloomberg reported on the letter earlier on Tuesday. Nuernberger did not immediately reply to requests for comment on 7Square's letter. Vienna Insurance Group declined to comment. Shares of Nuernberger fell 0.7% in Frankfurt on Tuesday, giving it a market value of 700 million euros. Vienna Insurance Group announced last week it was in exclusive due diligence for a potential takeover of a controlling stake in the German company, without specifying a possible price. Nuernberger should end discussions with VIG and start a new sales process to explore strategic options, 7Square wrote in the letter. A sale to the Viennese company would be "extremely disadvantageous and value-destroying for shareholders," it added. Nuernberger's investors include Munich Re ( opens new tab, Hannover Re ( opens new tab, Swiss Re (SRENH.S), opens new tab and Japan's T&D Holdings (8795.T), opens new tab. "We have concrete knowledge of the interest of several strategic investors, who would be interested in acquiring the life-insurance division or the entire Nuernberger Group," 7Square wrote in the letter. 7Square is also calling on Nuernberger to lift transfer restrictions on its shares, which requires the management board to approve significant stock transactions. As Nuernberger shares are listed on Frankfurt's over-the-counter 'Scale' segment, an acquirer of a majority stake would not be required to make a mandatory offer for the remaining shares, which 7Square said would permanently reduce the value for all shareholders. 7Square advises hedge funds and activist shareholders on publicly listed German companies, occasionally investing itself. ($1 = 0.8570 euros)
Yahoo
27-05-2025
- Business
- Yahoo
Vienna Insurance Group pre-tax profit rises 7.5% in Q1 2025
Vienna Insurance Group (VIG) has reported profit before taxes of €261.1m for the first quarter of 2025 (Q1 2025), an increase of 7.5% compared with last year. The growth was primarily driven by strong performances in the Poland and extended central and eastern Europe (CEE) segments, with Romania, Bulgaria and Slovakia contributing significantly to the latter, the insurer said. The Austrian insurer's gross written premiums (GWP) rose by 8.3% year-on-year to €4.6bn. This growth was observed across all business segments, with the special markets segment leading with a 25.4% increase, Poland with 13% and the extended CEE with 10.3%. Insurance service revenue grew by 8.1% to €3.1bn, with notable increases in the special markets (+38%), extended CEE (+10.7%), Poland (+8.2%), Czech Republic (+7.3%) and Austria (+6%) segments. The net combined ratio improved by 0.4 percentage points to 92.3% in Q1 2025. The group said its solvency ratio stood at 271% at the end of Q1. Based on the results, the insurer's management confirmed its outlook for the 2025 financial year, targeting a profit before taxes of between €950m and €1bn. Commenting on the performance, VIG CEO Hartwig Löger said: 'Vienna Insurance Group (VIG) achieved a successful business performance in the first quarter of 2025, with further improvements in key figures. 'We are thus continuing to deliver growth based on strong capitalisation and are reaffirming our ambition of achieving profit before taxes within a range of €950m and €1bn for 2025.' This month, VIG placed a bid to acquire an 80% share in insurance company Moldasig. "Vienna Insurance Group pre-tax profit rises 7.5% in Q1 2025" was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
19-05-2025
- Business
- Yahoo
Vienna Insurance bids for 80% stake in Moldasig
Austria-based Vienna Insurance Group (VIG) has submitted a bid to acquire an 80% share of insurance company Moldasig. Moldasig, headquartered in Chișinău, holds a market share of around 14% and offers a full suite of non-life insurance products catering to both individuals and businesses. VIG's bid follows an invitation from the Government of the Republic of Moldova. The agreement is part of a structured bidding process initiated by the Moldovan state's acquisition of an 80% share in the company. The Moldovan National Bank has already endorsed VIG as a suitable buyer for the stake in Moldasig. VIG deputy CEO Peter Höfinger said: 'We welcome the government's decision to attract international investors who aim at accelerating the local economy. As the market leader in the CEE [central and eastern Europe] 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.' Since entering the Moldovan market in 2014 with the purchase of Donaris, VIG has grown to serve more than 120,000 clients. The acquisition of Moldasig would see VIG's market share in Moldova rise to approximately 30%. In March, VIG acquired a 48.82% stake in Phinance, a Polish financial brokerage specialising in insurance sales, financial advisory services, and the distribution of investment and credit products. This move follows the merger of VIG's three Polish life insurance companies to create Vienna Life, focused on life and health insurance, in October 2024. " Vienna Insurance bids for 80% stake in Moldasig " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
