January 20 (SeeNews) - Romanian insurer Euroins has reached an agreement to acquire the non-life insurance portfolio of ATE Insurance Romania, a subsidiary of Greece’s Piraeus Bank, Euroins’ Bulgarian-based parent Eurohold Bulgaria said on Friday.
"ATE Insurance's non-life insurance portfolio is dominated by non-motor insurance policies and the acquisition is in line with our goal to diversify Euroins Romania's product portfolio and business lines,” Mihnea Tobescu, CEO of Euroins Romania Insurance-Reinsurance, said.
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The deal was signed on January 19.
The acquisition, which is still subject to regulatory approval, is expected to further strengthen the company’s position on the Romanian market.
On Monday, Euroins Romania announced its premium income grew 21.8% on the year to 197.7 million euro ($210.8 million) in 2016.
Euroins Romania is a subsidiary of Euroins Insurance Group (EIG), part of insurance holding company Eurohold Bulgaria. EIG operates in seven Europeancountries and owns insurance subsidiaries in four of them – Bulgaria, Romania, Macedonia and
Ukraine.
($ = 0.9379 euro)