ROMANIA: Agreement signed for the takeover of Gothaer Asigurari Reasigurari by Allianz-Tiriac Asigurari
Allianz-Tiriac Asigurari and Gothaer Group have announced the signing of a purchase agreement regarding the takeover of Gothaer Asigurari Reasigurari, this being the first acquisition of an insurance company made by Allianz-Tiriac after more than 25 years of organic growth.
The completion of the transaction is subject to the approval of the Financial Supervisory Authority and the Competition Council. The value of the transaction is confidential.
Virgil SONCUTEAN, CEO of Allianz-Tiriac Asigurari:
"After 25 years of exclusively organic growth, Allianz-Tiriac opens a new chapter in its success story. This acquisition is a proof of Allianz-Tiriac's stability in a period full of challenges for businesses, as well as a proof of Allianz-Tiriac shareholders' commitment to Romania. Gothaer Asigurari Reasigurari, a company that has built a strong reputation and a balanced portfolio in its 8 years activity in the local market, will be a good growth engine for Allianz-Tiriac. Allianz-Tiriac maintains its development plans and remains open to new growth opportunities. We thank Gothaer representatives for their support, professionalism and collaboration during the negotiations."
Oliver SCHOELLER, CEO of Gothaer Group:
"Since Gothaer Romania became part of Gothaer group in 2012 the company has undergone an impressive development. The extremely professional and dedicated team has set new standards in customer focus and satisfaction. In the past months, Gothaer group has shifted its strategic focus to its core markets in Germany. Therefore, we are very pleased that Gothaer Romania will now become part of one of the leading insurance companies in Romania. I am sure that Allianz-Tiriac will build on what Gothaer Romania has achieved so far and will open up new opportunities for the team."
At the end of 2019, Gothaer Asigurari Reasigurari's portfolio amounted to gross written premiums of RON 90 million and 50,000 contracts of individuals and companies. Together, the two companies would asccount for a market share of about 13.25% at the end of 2019.
Allianz-Tiriac Asigurari and Gothaer Asigurari Reasigurari will continue to operate independently until all the necessary approvals are obtained. Once the acquisition is completed, Allianz-Tiriac will integrate Gothaer Asigurari Reasigurari in its business, taking over portfolio and employees.
Allianz-Tiriac will offer Gothaer Asigurari Reasigurari employees the opportunity to develop within a top company on the local market, part of the most valuable insurance brand in the world - Allianz. We are confident that the valuable and talented employees within Gothaer Asigurari Reasigurari will find in Allianz-Tiriac the right place to reach their professional potential.
Until the completion of the transaction, Gothaer Asigurari Reasigurari customers will use the same contact details to request information on insurance products and services, to pay premiums, notify claims or access medical partners' services.
Once the transaction is completed, we guarantee Gothaer Asigurari Reasigurari 's clients and partners access to Allianz-Tiriac's prompt and quality services and we assure them of our openness for an excellent collaboration.
In this transaction, Allianz-Tiriac was assisted by Schoenherr & Asociatii SCA law firm, while PwC was the consultant in the due diligence process. Gothaer Group was assisted by the law firm Hogan Lovells LLP.
About Allianz-Tiriac Asigurari
Allianz-Tiriac is part of the German group Allianz, one of the largest providers of financial services and insurance and the most valuable insurance brand in the world, according to the latest Interbrand evaluation. In Romania, the company enjoys financial stability and customer trust for over 25 years. The success of Allianz-Tiriac lies in the team of over 4,000 professionals who are behind every success of the company. Responsibility, cooperation, integrity and trust are our core values.
About Gothaer Group
With 4.5 billion Euro premiums written and 4.1 million customers Gothaer Group is one of the biggest mutual insurance companies in Germany. The company offers life, health and non-life insurance. Gothaer's focus lies on a high quality of personal advice for customers.
Author: Daniela GHETU
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