ERGO buys Credit Europe Asigurari (CEA)

Insurance group ERGO has purchased Credit Europe Asigurari (CEA). The deal that was finalized after receiving final approval from the Financial Supervisory Authority (ASF) on 19 July 2016. However, the parties agreed that the purchase costs should not be revealed, according to a press statement by Credit Europe Asigurari.

The ASF approved the transaction at the debut of 2015. According to a statement by Credit Europe Asigurari, “the transaction assures the full presence of the ERGO group on the life and general insurance market in Romania. The company will function under the ERGO brand after the rebranding process will be finalized. All insurance policies will remain in force and will pass under the ERGO brand with all rights and obligations unchanged,” the statement reads.

According to the statement, all shares of the company of general insurance Credit Europe Asigurari-Reasigurari S.A. are owned currently by ERGO Austria International AG and ERGO Versicherung AG, part of the ERGO group, one of the largest insurance groups in Germany and Europe.

Credit Europe Asigurari, a general insurance company, is headquartered in Bucharest and its portfolio includes mainly insurances for buildings and goods contained inside, Casco insurances, accident insurances, insurance for medical assistance abroad and civil liability.

In 2015, the company recorded a gross premium volume of 9.1 million, and was ranked in top 16 of Romanian companies based on the volume of gross written premiums.

ERGO Group entered the Romanian insurance market in 2010, via ERGO Asigurari de Viata. The company’s portfolio includes both traditional life insurance and unit-linked insurances, index linked, accident and health insurances.

ERGO Life Insurance was ranked ninth on the life insurance market, with a volume of gross written premiums of over 10 million in 2015.

ERGO long-term strategy in Romania is to establish itself among the top players on the market, through a profitable growth both in the segment of life insurance and general insurance, taking into account the introduction of RCA insurances on the market.

Georgeta Gheorghe