Allianz-Țiriac Asigurări, Gothaer Group sign deal for the takeover of Gothaer Asigurări Reasigurări

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Allianz-Țiriac Asigurări and Gothaer Group announce the signing of a purchase agreement regarding the takeover of Gothaer Asigurări Reasigurări, this being the first acquisition of an insurance company made by Allianz-Țiriac 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.

Virgil Șoncutean, CEO of Allianz-Țiriac Asigurări: After 25 years of exclusively organic growth, Allianz-Țiriac opens a new chapter in its success story. This acquisition is a proof of Allianz-Țiriac’s stability in a period full of challenges for businesses, as well as a proof of Allianz-Țiriac shareholders’ commitment to Romania. Gothaer Asigurări Reasigurări, 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-Țiriac. Allianz-Țiriac maintains its development plans and remains open to new growth opportunities. We thank Gothaer representatives for their support, professionalism and collaboration during the negotiations.

Oliver Schoeller, CEO of Gothaer Group: Since Gothaer Romania became part of Gothaer group in 2012 the company has undergone an impressive development. The extremely professional and dedicated team has set new standards in customer focus and satisfaction. In the past months, Gothaer group has shifted its strategic focus to its core markets in Germany. Therefore, we are very pleased that Gothaer Romania will now become part of one of the leading insurance companies in Romania. I am sure that Allianz-Țiriac will build on what Gothaer Romania has achieved so far and will open up new opportunities for the team.

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

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

Allianz-Țiriac will offer Gothaer Asigurări Reasigurări employees the opportunity to develop within a top company on the local market, part of the most valuable insurance brand in the world – Allianz. We are confident that the valuable and talented employees within Gothaer Asigurări Reasigurări will find in Allianz-Țiriac the right place to reach their professional potential.

Until the completion of the transaction, Gothaer Asigurări Reasigurări customers will use the same contact details to request information on insurance products and services, to pay premiums, notify claims or access medical partners’ services.

Once the transaction is completed, we guarantee Gothaer Asigurări Reasigurări ‘s clients and partners access to Allianz-Țiriac’s prompt and quality services and we assure them of our openness for an excellent collaboration.

In this transaction, Allianz-Țiriac was assisted by Schoenherr & Asociații SCA law firm, while PwC was the consultant in the due diligence process. Gothaer Group was assisted by the law firm Hogan Lovells LLP.

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