Romania: The Competition Council greenlights GOTHAER take over by ALLIANZ-TIRIAC

20 May 2021 — Alexandra GUZUN
The Competition Council of Romania has authorized the transaction through which ALLIANZ-TIRIAC Asigurari takes over the company GOTHAER Asigurari Reasigurari. The Romanian subsidiary of GOTHAER is active since 2012, but in recent months, the German Group has changed its strategic direction to focus on the home market.

ALLIANZ-TIRIAC Asigurari is part of the ALLIANZ group and offers a wide range of life insurance and non-life insurance products, including, among others, car, health, property or travel insurance.

The insurance company GOTHAER Asigurari Reasigurari offers personalized general insurance products to cover the diverse requirements and needs of its clients.

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 ".

Following the analysis, the Competition Council found that this operation does not raise significant obstacles to effective competition on the Romanian market or on a substantial part of it and that there are no serious doubts about its compatibility with a normal competitive environment.

The authorization decision will be published on the website of the national competition authority, after the elimination of the confidential information. The completion of the transaction is also conditioned by the receipt of approvals from The Financial Supervisory Authority of Romania (FSA).

ALLIANZ-TIRIAC Asigurari and GOTHAER Asigurari Reasigurari will continue to operate independently until they receive all necessary approvals. Once the acquisition is completed, ALLIANZ-TIRIAC will integrate GOTHAER Asigurari Reasigurari in its business, taking over the portfolio and the employees.

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