ASF approved the taking over of the company Credit Europe Asigurari-Reasigurari by Ergo Group
The Council of the Authority for Financial Supervision (ASF) approved the taking over the company for general insurance Credit Europe Asigurari-Reasigurari by the German group ERGO.
2016-04-11 14:34:56
The taking over of the company for general insurance Credit Europe Asigurari –Reasigurari is the first step to the inclusion of ERGO on the local market of auto compulsory insurance RCA.
According to the project of acquisition approved by ASF, ERGO will buy 100C per cent of the shares Credit Europe Asigurari-Reasigurari through the ERGO Austria International subsidiary which manages the shares of the group to several insurance companies in Central and Eastern Europe, including the one owned at ERGO Asigurari de Viata.
ERGO, one of the biggest suppliers of insurance products in Germany and in Europe owns a diverse portfolio which includes from insurances of goods and accidents, up to life and health insurance, and last year it paid damages and benefits worth almost 17 billion Euro. Present on the markets in Asia, the group has approximately 43,000 employees and sales representatives.
"The coming of an investor of such power on the market of general insurances confirms the positive direction of developments which took place on the market of insurances in Romania. With total income from insurance premiums of almost 18 billion Euro in 2015 and a capital of 5.4 billion Euro, ERGO is controlled by Munich Re, one of the biggest reinsurers in the world. Munich Re had at the end of last year total assets of 276.5 billion Euro and a capital of almost 31 billion Euro, the first subscribed gross premiums in 2015 surpassing 50 billion euro," ASF says.
The German group started to invest in Romania in 2009 by the setting up of ERGO Asigurari de Viata. Later in 2015, ERGO was among the three insurers of world value interested in the taking over of the company Astra Asigurari, but they abandoned the discussions as a result of the unreasonable expectations of the shareholders.
ASF is the national authority set up in 2013 through OUG 93/2012 approved by law 113/2013 for the regulation and supervision of the market of insurances, of private pensions as well as of the capital market. ASF contributes to the consolidation of the integrated framework of functioning of three sectors, which have over 10 million participants.
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