Vienna Insurance Group buys Gothaer TU

Vienna Insurance Group signed an agreement to acquire 100 percent in Gothaer TU, a unit of  Gothaer Finanzholding AG. The transaction should be finalized in about 6 months after obtaining the required regulatory approvals. The price was not disclosed. "Gothaer TU S.A. will contribute PLN 620 million to VIG Polska's insurance portfolio," General Director of Vienna Insurance Group Polska Franz Fuchs said in a statement. Gothaer TU acquisition is part of  Vienna Insurance Group 2020 strategy to increase its presence on Polish insurance market to at least 10 percent, he added.