“The antitrust watchdog undertakes to assess the economic concentration operation in terms of its compatibility with the normal competitive environment and to issue a decision under the legal deadlines,” according to representatives of the antitrust body.
Signal Iduna Asigurare Reasigurare S.A. is part of Signal Iduna Group and is active on the health insurance market in Romania. Signal Iduna Group has been operating in Romania since June 2008, being engrossed in private health insurance, while offering products on the life and accident insurance segments.
Signal Iduna, the leader of the local health insurance market, ended 2020 with RON129 million gross underwritings, up 27% versus 2019, and posted RON4.12 million profit.
Following the acquisition of the two Ergo insurers, Signal Iduna’s volume of premiums underwritten post-transaction will increase by 50%, in Romania.
Ergo Asigurari S.A., part of Ergo Group in Romania, had been providing general insurance since 2007. Ergo Asigurari S.A. started its activity on the Romanian insurance market under the name of FIBA Asigurari, being a direct investment of financial group Credit Europe Group N.V., part of the holding FIBA Group. In 2015, the company was acquired by Ergo Group.
Ergo Asigurari de Viata S.A. is a Romanian company of Ergo Group. It was established in 2009 and actually started its activity in May 2010.
In May 2021, Signal Iduna signed an agreement to buy insurers Ergo Asigurari and Ergo Asigurari de Viata, after takeover plans by Bulgaria’s Eurohold fell through due to the failure to secure the necessary approvals from relevant authorities in due time, Signal Iduna said at that time.
Ergo will operate as Signal Iduna in Romania and continue to provide insurance services that will include home insurance and civil liability insurance.