Austrian consortium to buy stake in Polonia insurance

Austrian consortium to buy stake in Polonia insurance Unofficial sources say an Austrian consortium whose main partner is the number three Austrian insurance company Uniqa will buy a major stake in Polish insurance company Polonia. The transaction is to be completed by the end of this week. Negotiations between the new investor and representatives of shareholders, concerning the price ended last week. The Austrian consortium is to provide additional capital and know-how. It is also obliged to assure the part of Polonia, which is responsible for assets insurance, maintains its solvency ratio according to Polish regulations. After the first three months of 2000, Polonia was controlling 2% of Polish assets on the insurance market. Last year the company recorded zl. 12.26 million in losses, whereas in 1998 losses amoun ted to only zl. 847,000. (Prawo i Gospodarka, page 1)