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.
Author: Vlad BOLDIJAR
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