WS buys Cigna Stu

Cigna Stu is ranked eighth in Poland's non-life insurance market with a market share of roughly two percent, the Austrian company said. The two firms agreed to keep the purchase price confidential. WS will get a stake of roughly 63 percent. The deal is subject to Austrian and Polish regulatory approval.

Cigna Stu had a gross written premium volume of roughly EUR 68 (zł.265) million in 2004, according to WS, and gross written premiums of about EUR 42 (zł.164) million in the first half of 2005.

WS said the Polish firm's growth was significantly above the market average thanks partly to a strong sales network. (Reuters)