The UNIQA Group has concluded a basic agreement with NÜRNBERGER Beteiligungs-AG, the parent company of the German NÜRNBERGER insurance group, to take over 100% of the share capital of NÜRNBERGER Versicherung AG Austria. The final negotiations on implementing the basic agreement aim to complete the takeover, which is subject to approval of the Austrian regulatory authorities, by the start of 2004. 

The takeover of NÜRNBERGER Versicherung AG Austria is part of a strategic partnership that aims to strengthen the position of both corporate groups and provide broader synergy potentials. The cooperation between the two insurance groups is supported and confirmed by a 3% mutual shareholding of the two quoted parent companies, UNIQA Versicherungen AG and NÜRNBERGER Beteiligungs-AG.

As part of its rapidly growing involvement in Central Eastern Europe, UNIQA will be able to join the business relations of NÜRNBERGER insurance group and the vehicle industry associations, trading organisations and manufacturers. GARANTA Versicherungs-AG, one of the operative NÜRNBERGER insurance group companies, will play a key role in these joint efforts. Its key business, “insurance and claims management via car sellers/repair shops” will be continued in Austria and expanded to Central Eastern Europe through UNIQA channels. In addition, the GARANTA Austria insurance service will act as agent for selected UNIQA products.

Even after the takeover by UNIQA, NÜRNBERGER Versicherung AG Austria will continue to operate as an independent company with its own range of products sold under the NÜRNBERGER brand. As a member of the UNIQA Group, the company will be able to share the competence and experience of one of Austria's largest insurance groups.

The two Members of the Board of NÜRNBERGER Versicherung AG Austria, CEO Helmut Geil and Managing Director Hans-Hermann Knorr, will continue to contribute their expertise and ensure that the company’s success will be maintained. They will be joined by board members from other UNIQA companies in order to foster cooperation.

NÜRNBERGER Versicherung AG Austria obtained a total premium volume in life and accident insurance of €88.6 million in 2002. The majority (€86.6 million) relates to life insurance, for which NÜRNBERGER Versicherung AG Austria holds a market share of 1.5%. NÜRNBERGER Versicherung AG employs around 130 staff in its headquarters in Salzburg and its locations in Vienna, Innsbruck, Linz, Klagenfurt and Graz; no jobs will be lost. Products are sold via the sales staff employed and 500 independent brokers, agents and consultants.