German Talanx subsidiary to buy 25 pct of Vietnam insurer

The transaction with HDI-Gerling Industrie Versicherung AG is expected to take place before the end of the year, pending local regulatory approval, and another Talanx firm, Hannover Re, will provide support, PVI said in a statement.

The agreed purchase price was VND36,000 per share, it said.

PVI stock rose 5.13 per cent on Wednesday to VND16,400 in trading that ended before the announcement of the agreement.

PVI Holdings, a Hanoi-listed subsidiary of state oil and gas group Petrovietnam, is the leading non-life and industrial sector insurer in Vietnam, with a 24 per cent market share and gross written premiums in 2010 of $183 million, the statement said. – Reuters

Posted by VBN on Aug 18 2011. Filed under Insurance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry