Deals of the year Insurance

Newsroom 11/12/2013 | 06:00

Romania’s market for mergers & acquisitions (M&A) has remained at around EUR 1 billion in 2013, driven by deals in the banking and renewable sector, although big investors have held back and are carefully planning moves for next year, say deal makers.

By Ovidiu Posirca

Insurance

 

Aegon acquires Eureko/Achmea’s life insurance and private pensions operations

Value of transaction: Not made public

Legal team, buyer: Tuca Zbarcea & Asociatii

Legal team, seller: CMS Cameron McKenna

Dutch insurer Aegon increased its presence on the local market after taking over the life insurance, mandatory private pensions and optional private pensions operations run by Eureko/Achmea group in Romania. Following the deal, Aegon became the third largest pensions provider and its life insurance portfolio entered the top ten on the local market.

 

Astra Asigurari buys AXA Life Insurance

Value of transaction: Not made public

Legal team, buyer: Not made public

Legal team, seller: Not made public

Insurer Astra Asigurari, controlled by Romanian businessperson Dan Adamescu, acquired the local life insurance and savings operations of French insurer AXA. According to media reports, Astra took over 40,000 contracts and a business worth EUR 7 million. AXA Life Insurance reported a loss of EUR 10 million in 2012. In 2010, the French group entered the Romanian market after acquiring Omnis Asigurari de Viata from Austrian Vienna Insurance Group (VIG).

 

Euroins takes over QBE in Romania and Bulgaria

Value of transaction: Not made public

Legal team, buyer: Not made public

Legal team, seller: Not made public

QBE, a global insurer listed on the Australian Stock Exchange, sold its operations in Romania and Bulgaria to Euroins, one of the biggest insurers operating in CEE. Euroins Insurance Group has a market share of around 7 percent in Bulgaria, Romania and Macedonia, with 1,100 employees. The firm has over 1 million customers on the local market.

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