COLONNADE Insurance to start operations in Romania
At the same time, AIG informed that the company is no longer offering new policies in the general market in Romania. "AIG has partnered with COLONNADE Insurance to manage the renewal of existing policies and to work with AIG as a Strategic Network Partner to support the ongoing needs of our Multinational clients in Romania."
As part of this move, "the previous AIG team now forms part of COLONNADE Insurance and will provide you with continuity of service", as the Romanian branch of AIG informs on its web-site.
According to Romanian ASF website, COLONNADE Insurance operates on the Romanian insurance market based on the European passport being licensed to underwrite 17 of the 18 statutory classes of non-life Insurance (except Class 10 - Motor Vehicle Liability).
It is worth to mention that on the Romanian insurance market, FAIRFAX also controls other two insurers (EUROLIFE ERB Asigurari Generale and EUROLIFE ERB Asigurari de Viata) following the acqusition of 80% interest in EUROLIFE ERB Insurance Group Holdings - the third largest insurer in Greece.
COLONNADE Insurance is a Luxembourg based non-life Insurance company fully owned by FAIRFAX and established for a strategic expansion of the FAIRFAX insurance business in Central & Eastern Europe. The insurer has more than 200 employees in Eastern Europe, with a premium income in excess of EUR 40 million for this region. COLONNADE operates through branches in the Czech Republic, Slovakia, Hungary, Poland, Romania, Bulgaria and its sister company in Ukraine.
In October 2016, the Canadian insurance group FAIRFAX announced the acquisition of American group AIG's operations in Romania, Bulgaria, Czech Republic, Hungary, Poland, and Slovakia. The transaction was part of a wider deal in which FAIRFAX took over AIG's insurance operations in Argentina, Chile, Colombia, Uruguay, Venezuela, and Turkey.