Romania: SIGNAL IDUNA acquisition of ERGO companies greenlighted by the market authority; integration process to start

31 May 2022 — Daniela GHETU
The Romanian subsidiary of the German SIGNAL IDUNA group has received all the approvals from the Financial Supervision Authority (ASF) and announces the completion of the transaction and the beginning of the integration process of the two ERGO companies (life and non-life insurance).

ERGO Asigurari (non-life insurance) will continue its activity as an independent entity under the new Board of Directors approved by the Financial Supervisory Authority: Tiberiu Maier, as Chairman, Mesut Yetiskul and Mark Osterloff, as Members.

ERGO Asigurari de Viata (life insurance) will follow the stages of a complex merger process expected to be completed in the first part of next year. The Supervisory Board of ERGO Asigurari de Viata S.A. received the approval of the Financial Supervisory Authority and consists of: Tiberiu Maier as Chairman, Mihaela Druga and Mark Osterloff as Members.

Thus, SIGNAL IDUNA ASIGURARE REASIGURARE, leader of the voluntary health insurance segment in Romania, marks a key moment in the company's evolution, which crowns over 14 years of solid presence, innovation and responsible growth in the local insurance market.

"We are proud to announce one of the most important moments in our success story in Romania - the completion of the ERGO Asigurari and ERGO Asigurari de Viata transaction. Thus, by creating a complex ecosystem that integrates the expertise of SIGNAL IDUNA, the capabilities of the two ERGO companies and the accelerated process of digital transformation, we will be able to offer new value-added insurance solutions to meet the increasingly diverse needs of consumers. The rigor, dedication and care for customers, for which we are recognized in the profile market, remain the attributes that the SIGNAL IDUNA team is based on achieving its business and growth objectives", says Tiberiu Maier, President of the SIGNAL IDUNA ASIGURARE REASIGURARE Management Board.

SIGNAL IDUNA ASIGURARE REASIGURARE registered at the end of 2021 a volume of gross written premiums of over 141 million lei. The company has over 200,000 insured in its portfolio, the value of the compensations granted amounting to about 87 million lei for solving over 300,000 files. This reflects the major changes observed in consumer behavior during the second year of the pandemic and also the firm commitment of the company to its customers.

The strategic diversification direction of SIGNAL IDUNA in Romania will be completed by a consolidated level of the volume of gross written premiums. It will increase by about 50% as a result of the acquisition of the two ERGO companies and the positive evolution registered by both entities at the end of the previous year. ERGO Asigurari reported a volume of gross written premiums of over 54 million lei, the largest share of which was represented by property insurance and liability insurance. ERGO Asigurari de Viata registered a volume of gross written premiums of over 16 million lei, the main segment of activity being represented by bancassurance life insurance.

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