Romanian insurer ALLIANZ-TIRIAC Asigurari announced that it has received the necessary approvals from the Financial Supervisory Authority (ASF) and the Competition Council for the acquisition of the majority stake in GOTHAER Asigurari Reasigurari, 1asig.ro informed here. Until the merger is completed, the two insurers will operate as two independent entities, according to the rules of such an acquisition.

ALLIANZ-TIRIAC estimates that the completion of the integration will take place by the end of 2022, after "the steps of approving the merger and the integration process of GOTHAER Asigurari Reasigurari in the ALLIANZ-TIRIAC structure will be progressively completed".

In the meeting of Wednesday, November 24, the ASF Council announced here the approval of the acquisition project presented by ALLIANZ - TIRIAC Asigurari S.A. in order to acquire a qualified direct participation from the share capital of the company GOTHAER Asigurari Reasigurari S.A. In May 2021, The Competition Council greenlights GOTHAER take over by ALLIANZ-TIRIAC (click here for more details).

Virgil SONCUTEAN, CEO of ALLIANZ-TIRIAC Asigurari, said in December 2020, when the transaction was announced: "After 25 years of growing exclusively on its own, 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 the business environment, but also of ALLIANZ-TIRIAC's shareholders' commitment to the Romanian economy. GOTHAER Romania, a company that has built a solid reputation and a balanced portfolio in the 8 years of its local presence, will be a good growth engine for ALLIANZ-TIRIAC. ALLIANZ-TIRIAC maintains its development plans and keeps its openness to new growth opportunities. We thank GOTHAER representatives for their support, professionalism and collaboration during the negotiation".

In turn, Oliver SCHOELLER, CEO of GOTHAER Group, said: "Since GOTHAER Romania became part of the GOTHAER Group in 2012, the company has had an impressive development. The extremely professional and dedicated team has set new standards in terms of clients' satisfaction. In recent months, the GOTHAER group has changed its strategic direction to focus on the home market, Germany, so we are delighted that GOTHAER Romania will now become part of one of the most important insurance companies in the world. I am convinced that ALLIANZ-TIRIAC will build on what GOTHAER Romania has achieved so far and will open new opportunities for the team".