Romanian insurance market's leader to be sold to global investor I3CP
Romanian largest insurer CITY Insurance announced in a statement that local investment firm Vivendi International has reached an agreement with the Netherlands-based I3CP Holdings to sell its entire majority stake in the insurance company.
According to the insurer's website, currently CITY Insurance is owned by Vivendi International - 85.23% and other legal and natural persons - 14.77%
"The Transaction has been approved by the Board of Directors of Vivendi and is subject to customary conditions, including regulatory approvals by the relevant authorities in Romania. The Transaction is expected to close in the 3rd Quarter of 2021".
According to the YE2020 market official statistics published by ASF, in terms of GWP, CITY insurance is the largest insurer in Romania with 20.07% market share (~EUR 474 million or RON 2.3 billion) ahead of OMNIASIG VIG (12.03%) and ALLIANZ-TIRIAC (11.43%).
It is worth mention that CITY Insurance is the largest MTPL insurer, more than three quarters was generated by this LoB: GWP of about EUR 354 million, 43.39% market share.
City Insurance was founded in 1998 by a group of investors and is headquartered in Bucharest. The company employs over 400 professionals and operates 42 offices and branches, providing non-life insurance solutions and has approximately 4m policyholders.
I3CP is a ECEEMEA focused investor based in the Netherlands concentrated on defining the next sustainable growth cycle in the insurance, reinsurance and asset management and fintech sectors. I3CP's stakeholders and affiliates manage more than EUR 15 billion and has offices in Amsterdam and Athens.
Author: Andrei Victor
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