The Vienna Insurance Group (VIG) is acquiring the German insurer Nürnberger Versicherung for up to €1.38 billion. The VIG, best known for Wiener Städtische, is offering €120 per share of Nürnberger Beteiligungs-AG, the insurer’s publicly listed holding company, the parties announced late Thursday night. VIG has already secured 64.4 percent of the shares from major shareholders.
For VIG, which is strongly represented in Central and Eastern Europe in addition to Austria, this is the largest acquisition in its history. In Germany, the group has so far only been active through the small InterRisk company and as a reinsurer. As the company stated, VIG is “a leading insurance group in Central and Eastern Europe,” providing services to around 33 million customers through more than 50 insurance companies and pension funds in 30 countries.
CEO Hartwig Löger said the investment would enable “sustainable and profitable growth for the Nürnberger Group and support VIG’s long-term growth strategy in Central and Eastern Europe through diversification in the specialist German market.” Nürnberger CEO Harald Rosenberger described VIG as “a strong partner who shares our values and supports our strategic development.”
According to the announcement, the management board and supervisory board of Nürnberger welcome the offer and intend—“subject to review of the offer documents”—to recommend its acceptance to shareholders. Major shareholders such as Münchener Rückversicherungs-Gesellschaft (Munich Re), Versicherungskammer Bayern, Daido Life Insurance Company, and Swiss Reinsurance Company Ltd. have already committed to tendering shares amounting to roughly 64.4 percent of the company’s total share capital.
Nürnberger Sought Partner After Heavy Losses
The management board of Nürnberger, long committed to independence, began seeking a partner after the company posted a deep loss of €78.5 million in 2024, mainly due to high claims in automotive and property insurance. Founded in 1884, the insurer also needs capital to overhaul its IT systems, which VIG has pledged to finance. The traditional brand and existing locations are to be preserved.
With €3.7 billion in premium income and €35.1 billion in assets under management, Nürnberger ranks among the larger German insurers. Thanks to a savings program—aimed at cutting around 600 of its 4,100 jobs by 2026—and price increases, the company had forecast a return to profitability for the current year.
Insiders: VKB And Mapfre Also Interested
In addition to the Austrians, insiders said Versicherungskammer Bayern (VKB) and Spain’s Mapfre had also expressed interest. However, the offer from Vienna was the highest, a person familiar with the matter told the Reuters news agency.
When Nürnberger’s management first publicly announced in May that it was considering a sale, the share price was around €44; earlier this week, it was trading at €75. Following the acquisition, Nürnberger is to be delisted from the stock exchange, where it is currently listed on the open market segment “Scale.”
The details of the transaction were laid out in a merger agreement signed on Thursday. A minimum acceptance threshold of 50 percent plus one share has been set. The offer document and further information are expected to be published on October 24, 2025. The acceptance period for tendering Nürnberger shares is expected to run from October 24 to November 21, 2025.
