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October 23, 2021
BUSINESS BUSINESS COMPANIES ECONOMY FINANCE&BANKING

Signal Iduna Asigurare Reasigurare acquires ERGO Asigurări de Viață and ERGO Asigurări

The insurance company SIGNAL IDUNA ASIGURARE REASIGURARE announces as of May 20, 2021 the signing of an agreement for the acquisition of the companies ERGO Asigurări de Viață and ERGO Asigurări, part of the ERGO Group. The transaction will be subject to the approval of the Financial Supervisory Authority (ASF) and the Romanian Competition Council.

This transaction represents an important step for SIGNAL IDUNA ASIGURARE REASIGURARE, as it will enhance the insurance services provided to Romanian clients and is ground for continued solid growth.

At a time when the concept of insurance is increasingly present among the interests of Romanians, we continue to diversify our business segments, as to offer solutions for a wide variety of needs. Being part of a group with over 110 years of experience in the insurance field, which has added value to our business, taking over the portfolios of the two companies naturally complements our already existing range of services. This represents a reconfirmation of the results we recorded and of our commitment to the development of the Romanian insurance market. Together with the strong team we have built, we will continue the strategic development plans of the company into a digital future”, says Tiberiu Maier, CEO of SIGNAL IDUNA ASIGURARE REASIGURARE.

SIGNAL IDUNA has been present on the Romanian market since 2008 and is the leader of the private health insurance market in Romania. The company’s portfolio also includes life and accident insurance policies. In 2020, the volume of gross written premiums reported exceeded 129 million lei, which represent an increase of 27% compared to the previous year.

ERGO in Romania will operate under the brand of SIGNAL IDUNA and will continue to offer excellent insurance services that include home insurance and civil liability. The volume of post-transaction premiums that SIGNAL IDUNA will hold in Romania will increase by 50%.

ERGO Asigurări is a general insurance company founded in 2007 and has valuable experience both in the bancassurance area and in interacting with distribution partners for the non-life insurance product portfolio. ERGO Asigurări de Viață has been active on the market since 2009, the main segment of activity being represented by bancassurance.

 

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