ERGO Insurance group has acquired Credit Europe Asigurari (CEA), the transaction was completed after receiving the final approval from the Financial Supervisory Authority (ASF) on July 19, 2016, but the parties agreed that the purchase price is not to be disclosed, a press release from Credit Europe Asigurari informs.
“The process of approving the transaction began in December 2015. This acquisition provides complete presence of the ERGO group on the life and general insurance market in Romania. The company will operate under the ERGO brand after the rebranding process will be completed. All insurance policies will remain in force and will pass under the ERGO brand with all rights and obligations, unchanged,” the communiqué reads.
According to the source, all the shares of Credit Europe Asigurări-Reasigurări S.A. are currently held by ERGO Austria International AG and ERGO Versicherung AG, which are part of ERGO Group, one of the largest insurance groups in Germany and Europe.
Credit Europe Insurance, based in Bucharest, is a general insurance company. In 2015, the company recorded an underwritten gross premium volume of EUR 9.1 million, ranking thus 16th in the top of insurance companies in Romania, based on the volume of gross underwritten premiums.