All shares of non-life insurance company Credit Europe Asigurari Reasigurari S.A. are now owned by ERGO Austria International AG and ERGO Versicherung AG, which are part of the ERGO Group, one of the major insurance groups in Germany and Europe. The transaction has been completed after the final approval of the local financial supervisory authority Autoritatea de Supraveghere Financiara (ASF) given on 19/07/2016. The parties agreed not to disclose the purchase price. The approval process was started in December 2015. This acquisition ensures a full life and non-life presence of ERGO in the Romanian market.
The company will continue to operate under ERGO brand after the re-branding process will be completed. All insurance policies will remain in place and will be taken with all rights and obligations under ERGO brand without modification.
Credit Europe Asigurari with headquarters in Bucharest specializes in non-life insurance. The product portfolio of the company includes mainly property-casualty insurance, motor insurance, personal accident insurance, travel health insurance and liability insurance. In 2015, the Company recorded 9.1 million euro premiums, ranked no. 16 in terms of insurance premiums in the non-life insurance market in Romania.
ERGO is present in the Romanian insurance market since 2010 with its life insurance entity ERGO Asigurari de Viata. The product portfolio of ERGO Asigurari de Viata includes traditional life insurance as well as unit linked, index linked, personal accident & health insurance. ERGO Asigurari de Viata has developed strongly over the last two years to reach 9th position in the life insurance market with over 10 million euro life insurance premiums recorded in 2015.
“This acquisition significantly widens our product portfolio in Romania operated by ERGO and thus increases the possibilities to offer our clients complete package of insurance services. With the acquisition, we broaden our partner network insurance consultancy and open new options to continue its profitable growth,” said Thomas Schöllkopf, Chairman of the Board of ERGO Austria International AG.” This transaction is a signal of commitment by ERGO towards the financial sector in Romania as well as to our customers and distribution partners alike.”
“Today we open a new and exciting chapter in our company’s history and will provide the vision of understanding our customers, the business innovation in order to move forward and grow together with our partners and customers” said Mesut Yetiskul, CEO of Credit Europe Insurance”.
“We will now have a full life and non-life presence giving us the ability to compete in all lines of business and therefore fully service the needs of our distribution partners and consumers alike. We are looking forward to join forces with our non-life colleagues to create a strong ERGO presence in the Romanian market”, said Mihai Popescu, CEO of ERGO Asigurari de Viata Romania.