EUROINS Romania got regulatory approval to acquire the non-life portfolio of ATE Insurance

Romanian insurer EUROINS, part of Bulgarian-based EUROINS Insurance Group (EIG), will acquire the non-life insurance portfolio of ATE Insurance Romania, a PIRAEUS Bank unit, after Romania's ASF approved the transfer on July 4th 2017.

The two sides reached an agreement on the deal on January 19th, 2017.

"Acquisitions are part of EIG's strategy. The group acquired businesses in the region in the past years and will continue to look for more opportunities on the markets where it is present as well as new ones in the region", commented Mihnea TOBESCU, CEO of EUROINS Romania.

In 2016 EUROINS Romania's GWP grew 22% y-o-y to almost EUR 200 million and the company posted a EUR 6.5 million profit before tax. EUROINS Romania's combined ratio value declined to 92% at the end of last year which is quite below the average level in the Romanian insurance sector (100%).

The Romanian subsidiary of EIG reported in the first quarter of 2017 a nearly 47% rise y-o-y in GWP to EUR 67 million.

Share |

Related articles

COLONNADE Insurance to start operations in Romania

COLONNADE Insurance, part of the Canadian group FAIRFAX Financial Holdings, officially begins its activity in Romania, following AIG's entry into a strategic partnership with COLONNADE Insurance to manage existing policies for AIG Europe Limited's Romanian Branch.

2018-01-18

Romania, a key-market for VIG

Romania is a key-market for VIG, the Austrian group taking the commitment to be a long-term investor on the local insurance market, the VIENNA Insurance Group representatives stated on Monday, December 4th, during a press conference.

2017-12-05

ATRADIUS enters Romanian and Bulgarian markets

ATRADIUS - the second largest provider of credit insurance in the world, announced it expanded its international presence with two new locations in Bulgaria and Romania, as a part of the company's global expansion strategy.

2017-11-15

ON THE MOVE

Cypriot biggest life insurer appointed new CEO

At the beginning of June, UNIVERSAL Life - the Cypriot largest life insurer announced that its Board of Directors has decided to appoint Evan GAVAS as the new CEO - Chief Executive Officer of the Company.

25.06.2018

Three new appointments at XL Catlin insurance operations

XL Catlin insurance operations announced on 4 June three appointments: Donnacha SMYTH as President Global Excess Casualty Insurance; Carla GREAVES as Chief Underwriting Officer, Global Excess Casualty; Aurelie FALLON SAINT-LO as Senior Underwriter, Environmental and Client & Distribution Leader for Western France.

07.06.2018

TOP EVENT

5th Annual Insurance Business Forum "Challenges of the Year 2018"

will take place on September 17-21, 2018 in Sochi
The upcoming Forum, supported by the All-Russian Union of Insurers (ARIA), will logically continue a detailed discussion of the most pressing issues previously raised at ARIA events in 2018: Insurance and Reinsurance International Congress in Moscow and Insurance International Conference in St. Petersburg.

12.06.2018

See all