Wiener Stadtische plans merger of Vienna Life and Compensa Zycie

Austrian insurance company Wiener Stadtische has announced plans to merge two of its Poland-based insurers, Vienna Life and Compensa Zycie. Wiener Stadtische launched Vienna Life in Poland over a year ago, and has collected only zl. 1.77 million in insurance premiums as of the end of the 3rd quarter of 2001. The Austrian insurance company acquired 50% of the shares of Compensa Zycie in July of this year, with German HUK Coburg purchasing the other half. Compensa Zycie has a network of 82 offices and 3,000 salespeople. Its insurance premiums added up to zl. 22.8 million to the end of September 2001. Both Vienna Life and Compensa Zycie replaced their management board on Saturday. "There will be working groups formed in January which will be responsible for the merger," said Christian Brandstetter, responsible for Wiener Stadtische's investments in Poland. The management boards have from six to 12 months to carry out the project. The joint market share of the companies is estimated to be 0.4%. (Puls Biznesu, p. 10) A.K.