Business Forum • 4 November, 2024 at 5:37 PM
Signal Iduna continues its expansion on the Romanian market and announces the signing on 1 November 2024 of the agreement for the acquisition of a majority stake in the Garanta Asigurări company, whose main shareholder is The Ethniki, Hellenic General Insurance Company, the no. 1 composite insurer in Greece.
The acquisition of the majority stake in Garanta Asigurări company marks a significant step in Signal Iduna's development strategy and makes a major contribution to strengthening its position on the local market. This transaction also underscores the strong sign of confidence of the German Signal Iduna Group's confidence in the Romanian insurance market and in the activity carried out by the management team, focused on sustainable development and innovation within the insurance sector.
The transaction will be completed following the receipt of the necessary approvals from the Financial Supervisory Authority (ASF) and the Romanian Competition Council, as well as the fulfillment of the conditions of sale agreed by the parties.
Following the success recorded in 2021 through the acquisition and integration of the two ERGO companies, Signal Iduna continues and expands the repositioning process as an insurer that offers suitable insurance solutions for any need of Romanians.
Tiberiu Maier, CEO of Signal Iduna Asigurare Reasigurare: "With this recent acquisition, we mark a new significant stage in our journey, which rewards the success and positive results we have achieved in over 16 years of activity in Romania. We are thus taking another firm step towards consolidating Signal Iduna's position among the top insurers. In an economic and social landscape characterized by major transformations, insurance has become an essential pillar for the stability and financial security of both individuals and companies. This paradigm shift requires a proactive approach and quick adaptation to market dynamics. In the business environment, agility and anticipation of changes are essential elements for success. With a strong team and diverse expertise, we are ready to continue our strategic plans toward a digital future. We reconfirm our commitment to customers, offering complete insurance solutions and to partners, through the contribution we want to bring together to the development of the insurance market in Romania."
Signal Iduna reported at the end of 2023 a volume of gross written premiums of over RON 274 million for health and life insurance and over RON 93 million for general insurance.
With over 25 years of experience in the local market, Garanta Asigurări has established itself as a reliable partner, being a composite insurance company that offers an extensive range of services for life and general insurance.
The Signal Iduna Group is one of the largest financial groups in Germany. Founded over 110 years ago, the Signal Iduna Group has earned an excellent reputation as a strong and reliable provider of insurance and financial services, offering a wide range of solutions (insurance, banking, and investments) to individual and corporate clients. Signal Iduna's business conduct is oriented towards long-term success and is based on satisfying customer needs, market development, innovation, and financial independence. Currently, Signal Iduna operates in the insurance markets of Germany, Poland, Hungary, and Romania.