French insurer Axeria IARD entered the Romanian MTPL market
French insurer Axeria IARD, headquartered in Lyon, became active on the Romanian MTPL market on the right of the Freedom of Establishment, being greenlighted by the French and Romanian supervisory authorities: ACPR (Autorite de controle prudentiel et de resolution) and ASF (Autoritatea de Supraveghere Financiara), as 1asig.ro informed here.
Axeria IARD was wholly acquired by Watford Holdings Ltd,the transaction being finalized in April 2021. In early November 2021, Watford Holdings and Watford Re became Somers Group Holdings and Somers Re, the rating of "A- "being reconfirmed by the international rating agency AM Best.
Practically, Watford returned on Romanian MTPL market, this time through a French entity, after, in September 2020, it ceased its activity due to BREXIT - the insurer entering at that time the Romanian market through a British-registered entity.
On the Romanian Motor TPL segment (a market of EUR 900 million / year) remained active only seven insurers (Euroins Romania, Allianz-Tiriac, Asirom VIG, Omniasig VIG, Generali Romania, Grawe Romania and Groupama Asigurari) after the withdrawal of the authorization of the largest MTPL insurer (CITY Insurance, 46,3% at end-June 2021) and the voluntary exit of the insurer with the lowest market share in MTPL market (UNIQA Asigurari, <1% market share).
Author: Andrei Victor
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