Schoenherr has advised the UNIQA Insurance Group AG ("UNIQA") in what the firm describes as "the largest corporate restructuring within the Austrian insurance industry in 2016."
UNIQA Group is one of the leading insurance groups in its core markets of Austria and Central and Eastern Europe. With 22,000 employees and exclusive sales partners, UNIQA serves more than 10 million customers across 19 countries.
The restructuring of the insurer was recorded in the commercial register on October 1, 2016. According to Schoenherr, "the restructuring process was highly complex, involving several [reorganizing] steps intended to streamline UNIQA's Austrian primary insurance operations. Part of the restructuring process included the merger of three primary insurers operating in Austria into the single entity of UNIQA Oesterreich Versicherungen AG ('UNIQA Oesterreich'). With this merger, UNIQA Oesterreich will become UNIQA's sole Austrian primary insurance company. The sales partnership with Raiffeisen Bank in Austria will be maintained by retaining the Raiffeisen Versicherung brand with its specific products and solutions."
"Schoenherr is pleased to have supported UNIQA in this important reorganization,” commented Partner Roman Perner, who co-led the Schoenherr team along with Partner Peter Feyl. "Owing to our transactional expertise in the insurance sector and our comprehensive knowledge of the UNIQA Group, the merger was completed swiftly within a short time frame."
In addition to Perner and Feyl, the firm’s team consisted of Attorneys Stefanie Woss and Senior Associate Matthias Pressler.