VIG eyes up Poland

"It's realistic that we will approach an acquisition in one of the three countries in the next months," CEO Guenter Geyer told Reuters in an interview.

Geyer has made Vienna Insurance, formerly known as Wiener Staedtische, into the second-biggest insurer in Eastern Europe since starting its expansion there in 2001. He is confident that growth in the region - where Vienna Insurance already raises almost half of its premium income - will continue as consumers catch up with their western neighbors and buy life, property and casualty insurance.

In Eastern Europe, people spend $150 (zł.466) per year for insurance, compared with $2,700 (zł.8,395) in Western Europe, Geyer said. "This shows the immense potential," he added.

Vienna Insurance's coffers are still flush with cash to pay for acquisitions. The company has at least EUR 150 (zł.593) million left from EUR 900 (zł.3,555) million it raised in a share-capital increase last year, he said. (Reuters)