Ardaf and Generali Insurance merged to form Generali Romania

Newsroom 05/09/2011 | 18:05

Generali Group officials have announced today in a press conference, that Generali Romania will officially start operations in Romania, after the merger between Generali Insurance and Ardaf. The newly formed company becomes the 7th major player on the Romanian insurance market, with a combined market share of 6.7 percent, in the first half of 2011. In 2010, Generali Insurance held a 6 percent market share in the life segment and 8 percent for the non-life segment.

In March 2011, the shareholders of Generali Insurance and Ardaf approved the merger of the two companies by absorption. In August, shareholders and the Romania Insurance Supervisory Commission approved the merger and in the following month the process was finalized.

Gianluca Colocci, responsible for Merger and Acquisitions operations for Generali PPF Holding, mentioned that Romania has a potential in the growth of its population and GDP, complementary to the low insurance penetration. Colocci sees further growth in the life and non-auto insurance segments and mentioned Romania, Russia, Poland and Turkey as growth clusters for the Generali Group.  

Adrian Marin, CEO Generali Romania, highlighted that the newly formed company has a balanced portfolio: 48 percent auto, 19 percent life, 24 percent property, 6 percent liability and 2 percent for travel. Marin added that Generali Romania will have over 500 partners, including insurance brokers, banks and leasing companies.

Marie Kovarova, member of the supervisory board of Generali Romania, stated that that the merger process will last approximately 1 year. Kovarova said that Ardaf and Generali Insurance have different client profiles and are targeting different customer segments.

Hence, the two distinct brands and networks will be kept and a multi-brand strategy will be established for Generali Romania. A budget of EUR 3 million will be allocated for promoting the image of the new insurer. On the long term, Generali Romania should see its market share increase to 10 percent.    

Adrian Marin will lead the new management team at Generali Romania. Marin had various positions in Generali Insurance. He was deputy managing director before becoming CEO for the newly formed insurer.

Ovidiu Posirca

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