Allianz-Tiriac Asigurari and Gothaer Group announce the signing of a purchase agreement regarding the takeover of Gothaer Asigurari Reasigurari, this being the first acquisition of an insurance company made by Allianz-Tiriac after more than 25 years of organic growth.

The completion of the transaction is subject to the approval of the Financial Supervisory Authority and the Competition Council. The value of the transaction is confidential.

“After 25 years of exclusively organic growth, Allianz-Tiriac opens a new chapter in its success story. This acquisition is a proof of Allianz-Tiriac’s stability in a period full of challenges for businesses, as well as a proof of Allianz-Tiriac shareholders’ commitment to Romania. Gothaer Asigurari Reasigurari, a company that has built a strong reputation and a balanced portfolio in its 8 years activity in the local market, will be a good growth engine for Allianz-Tiriac. Allianz-Tiriac maintains its development plans and remains open to new growth opportunities,” said Virgil Șoncutean, CEO of Allianz-Tiriac Asigurari.

At the end of 2019, Gothaer Asigurari Reasigurari’s portfolio amounted to gross written premiums of 90 million RON and 50,000 contracts of individuals and companies.

Allianz-Tiriac Asigurari and Gothaer Asigurari Reasigurari will continue to operate independently until all the necessary approvals are obtained. Once the acquisition is completed, Allianz-Tiriac will integrate Gothaer Asigurari Reasigurari in its business, taking over portfolio and employees.