EUROINS Romania acquires the non-life portfolio of ATE Insurance Romania

23 January 2017 — Vlad BOLDIJAR
EUROINS Romania, part of Bulgarian EUROINS Insurance Group (EIG), has reached an agreement to acquire the non-life insurance portfolio of ATE Insurance Romania, a subsidiary of PIRAEUS Bank - a leading  banking institution in Greece. The deal was signed on January 19th, 2017. "The deal is subject to customary regulatory approvals", the EIG representative pointed out in a press release.

"ATE Insurance's non-life insurance portfolio is dominated by non-motor insurance policies and the acquisition is in line with our goal to diversify Euroins Romania's product portfolio and business lines. It will also strengthen further our position on the Romanian market", said Mihnea TOBESCU, CEO of EUROINS Romania. 

The premium income of EUROINS Romania grew 21.8% on the year to EUR 197.7 million in 2016, of which more than 95% generated by MTPL policies.

"Currently, the company focuses on quality and diversification of its insurance portfolio through detailed market segmentation, which significantly reduces the levels of risk taken. For 2017 the goal of the management is to keep the market position and to improve significantly the financial result".

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