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August 10, 2022
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Signal Iduna Asigurare Reasigurare receives final approvals from the ASF for the acquisition of ERGO companies and starts the integration process

The insurance company SIGNAL IDUNA ASIGURARE REASIGURARE has received all the approvals from the Financial Supervision Authority (ASF) and announces the completion of the transaction and the beginning of the integration process of the two companies, ERGO Asigurări and ERGO Asigurări de Viață within the SIGNAL IDUNA Group.  

ERGO Asigurări will continue its activity as an independent entity under the new Board of Directors approved by the Financial Supervisory Authority: Tiberiu Maier, as Chairman, Mesut Yetiskul and Mark Osterloff, as Members.

 ERGO Asigurări de Viață will follow the stages of a complex merger process expected to be completed in the first part of next year. The Supervisory Board of ERGO Asigurări de Viață S.A. received the approval of the Financial Supervisory Authority and consists of: Tiberiu Maier as Chairman, Mihaela Drugă and Mark Osterloff as Members.

Thus, SIGNAL IDUNA ASIGURARE REASIGURARE, leader of the voluntary health insurance segment in Romania, marks a key moment in the company’s evolution, which crowns over 14 years of solid presence, innovation and responsible growth in the local insurance market.

„We are proud to announce one of the most important moments in our success story in Romania – the completion of the ERGO Asigurări and ERGO Asigurări de Viață transaction. Thus, by creating a complex ecosystem that integrates the expertise of SIGNAL IDUNA, the capabilities of the two ERGO companies and the accelerated process of digital transformation, we will be able to offer new value-added insurance solutions to meet the increasingly diverse needs of consumers. The rigor, dedication and care for customers, for which we are recognized in the profile market, remain the attributes that the SIGNAL IDUNA team is based on achieving its business and growth objectives”, says Tiberiu Maier, President of the SIGNAL IDUNA ASIGURARE REASIGURARE Management Board. 

SIGNAL IDUNA ASIGURARE REASIGURARE registered at the end of 2021 a volume of gross written premiums of over 141 million lei. The company has over 200,000 insured in its portfolio, the value of the compensations granted amounting to about 87 million lei for solving over 300,000 files. This reflects the major changes observed in consumer behavior during the second year of the pandemic and also the firm commitment of the company to its customers.

The strategic diversification direction of SIGNAL IDUNA in Romania will be completed by a consolidated level of the volume of gross written premiums. It will increase by about 50% as a result of the acquisition of the two ERGO companies and the positive evolution registered by both entities at the end of the previous year. ERGO Asigurări reported a volume of gross written premiums of over 54 million lei, the largest share of which was represented by property insurance and liability insurance. ERGO Asigurări de Viață registered a volume of gross written premiums of over 16 million lei, the main segment of activity being represented by bancassurance life insurance.

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