Gothaer Finanzholding AG completes takeover of Platinum Asigurari Reasigurari

Newsroom 09/10/2012 | 10:47

Gothaer Finanzholding AG has completed the takeover of 67 percent of shares in Platinum Asigurari Reasigurari SA, after the approval of the Romanian Insurance Supervisory Commission. The rest of the shares remain equally owned by Constantin Toma and Efraim Naimer. The Romanian Insurance Supervisory Commission is to validate this transaction.

“The acquisition of 67 percent of Platinum is an important step of Gothaer Group’s strategy to expand into Central and Eastern European markets and Platinum is an ideal platform to enter the promising Romanian market. The financial and technical support from one of the oldest and strongest insurance companies in Germany will significantly strengthen Platinum’s position. Together with the excellent local management and infrastructure we expect to be a major insurance company in the non-life market within the next 5 years,” explained Jürgen Meisch, CFO of Gothaer Insurance Group.

Constantin Toma, chairman of the Board of Directors at Platinum Asigurari Reasigurari said: “In such difficult times, we are glad to attract such a powerful strategic investor as Gothaer to be our partner. We believe that the Gothaer entry into the company is a positive sign for Platinum and the Romanian insurance industry. Platinum will be able to improve the quality of the products and services offered to its clients, with the support of Gothaer’s long standing experience and know-how in the insurance industry. As a clear signal of integration into Gothaer Group, Platinum will soon be rebranded to Gothaer, in order to benefit from the strong market position of an internationally operating insurance group.