Romanian insurer Allianz-Tiriac Asigurari has secured approvals from the Financial Supervisory Authority (ASF) and the Competition Council to acquire majority stake in local peer Gothaer Asigurari Reasigurari.

The deal was signed in early December 2020.

Financial details of the deal have not been disclosed.

Allianz-Tiriac expects to complete the integration with Gothaer Asigurari Reasigurari by the end of next year.

The two insurers will continue to operate as two independent entities until the merger is completed.

This approval of the acquisition does not impact the insurance contracts that customers currently hold with either of the two companies, stated Allianz-Tiriac Asigurari.

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Allianz-Tiriac Asigurari general manager Virgil Soncutean said: “The acquisition of Gothaer Asigurari Reasigurari is a concrete proof of Allianz-Tiriac’s commitment to the Romanian insurance market, even in troubled times. We are ready to start the integration process as soon as possible, after the approval of the merger project, and to become a single team that brings together the expertise of the two organizations in the interest of customers, employees, distribution partners and shareholders. We thank the Gothaer representatives for their professional cooperation and the authorities for their trust. ”

Allianz-Tiriac plans to propose a new board of directors for Gothaer Asigurari Reasigurari. It would consist of Virgil Soncutean and Allianz-Tiriac deputy general managers, Adriana Matache and Aurel Badea.

The new board of directors will be led by Virgil Soncutean as chairman.

At the end of 2021, Gothaer Asigurari Reasigurari’s portfolio is estimated at $19m. It is part of a Germany-based Gothaer Group, which has €4.5bn premiums written, 4.1 million customers,  and provides life, health and non-life insurance.

Germany-based Allianz holds 52.16% interest in Allianz-Tiriac, Cyprus-registered Vesanio Trading Limited owns 44.79%. The remaining stake is held by individual investors.