M&A alert. Euroins Romania buys non-life insurance portfolio of ATE Insurance Romania

Newsroom 20/01/2017 | 15:42

Euroins Romania, the insurer which has been in financial recovery since October 2015, has acquired the non-life insurances portfolio of ATE Insurance Romania, a subsidiary of the Greek Piraeus Bank. The agreement was signed on January 19 2017. The transaction is pending the approval of authorities, according to HotNews.ro.

Euroins Romania’s shareholders injected RON 100 million in the company on December 23 to increase its share capital to RON 530 million.

„The non-life insurances portfolio of ATE Insurance includes mainly non-auto insurance policies so that the acquisition is in line with the objective of diversify the products portfolio and business lines of Euroins Romania. Also it will strengthen the position on the Romanian market,” said Mihnea Tobescu, CEO Euroins Romania Insurance-Reinsurance.

The Financial Supervision Authority (ASF) decided on October 14 2015 the opening of the recovery procedures for Euroins.

One month later, the ASF announced that it approved the financial recovery plan of Euroins within a year. The measures plan included two other increases in the capital in value of RON 400 million: RON 200 million until December 31 2015 and RON 200 million in the second quarter of 2016.

 

Georgiana Bendre

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