May 21 (SeeNews) - German insurance group Signal Iduna said that that it has agreed to acquire Romanian insurance companies ERGO Asigurari de Viata and ERGO Asigurari from ERGO Group AG.
The transaction is pending approval from responsible authorities in Romania and is expected to be completed by the end of 2021, Signal Iduna said in a press release on Thursday.
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"These acquisitions complement our existing range of services in Romania perfectly. We look forward to continuing our growth success in Romania with the strengthened team. This step also proves our long-term commitment in Eastern Europe," Signal Iduna Group head of international Mark Osterloff said.
The Signal Iduna Group has also been active in Romania since 2008.
With this transaction, Signal Iduna's premium volume in Romania will grow by 50%. In Romania, the insurer offers private health, life and accident insurance.
With the addition of Ergo Romania, Signal Iduna's product portfolio is broadened to include property and credit insurance.
Signal Iduna group was created through the merger of the Dortmund-based Signal Versicherungen and the Hamburg-based Iduna Nova Group in 1999.
ERGO is one of the largest insurance groups in Germany and Europe, present in around 30 countries around the world, according to its website.
Signal Iduna Asigurare Reasigurare SA is among the biggest insurers in SEE. You can download our SEE Top 100 ranking
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