Dorda has advised Merkur Versicherung on its acquisition of Salzburg-based Nurnberger Verischerung Osterreich (NVO). KPMG Law advised NVO on the deal.
The transaction remains contingent on regulatory approval.
According to Dorda, “in the last 40 years, Salzburg-based NVO has been offering multiple award-winning insurance products in life insurance (especially unit-linked insurance), occupational disability, and long-term care pension insurance. The company employs 123 employees in Austria and the premium volume in 2020 was around EUR 110 million. The location in Salzburg and its employees will be retained as the Merkur Group aims to develop the location into a life insurance specialist hub.”
According to the firm, “Garanta Versicherungs-AG Osterreich, a specialist for individual insurance solutions in the area of motor vehicle, property and liability insurance, will remain as a branch of the Nurnberger Group in Germany, but will become a close cooperation partner of the Merkur Group in the future.”
Dorda’s team included Partners Felix Horlsberger, Christian Ritschka, Heinrich Kuhnert, Andreas Zahradnik, Attorneys Magdalena Nitsche, Alexandra Ciarnau, Elisabeth Reiner, Gunther Posch, Lisa Kulmer, and Patricia Backhausen, and Associates Mike Schaunig, Sarah Pichler, Anna Martseva, Markus Buchleitner, and Alexander Capka.
KPMG Law’s team included Partners Wendelin Ettmayer and Dieter Buchberger, Counsel Stephanie Sauer, Attorney Stephanie Heimel, and Associate Andreas Flaig.