BUCHAREST (Romania), April 6 (SeeNews) – Romania's leading general insurer City Insurance said on Tuesday that local investment firm Vivendi International has reached an agreement with the Netherlands-based I3CP Holdings to sell its entire majority stake in the insurance company.
The deal is expected to be completed in the third quarter of 2021, subject to approval by Romania's relevant authorities, City Insurance said in a press release.
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Vivendi owns 85.23% of City Insurance, while the remainder is held by other individuals and legal entities, according to data published on the insurer's website.
City Insurance provides general insurance solutions. Founded in 1998 by Romanian and foreign investors and headquartered in Bucharest, the company operates 42 offices and branches across the country, employing 400 people.
With total assets of 700 million euro ($827 million) and gross written premiums of over 500 million euro, the company is serving more than 4 million customers, according to the press release.
City Insurance led the Romanian general insurance market in terms of GWPs in 2020 with a market share of 20.07%, data by the country's financial regulator ASF showed.
I3CP is an ECEEMEA investor based in the Netherlands, focused on insurance, reinsurance, asset management and fintech sectors. I3CP manages over 15 billion euro and has offices in Amsterdam and Athens.
(1 euro=4.9170 lei)