Gothaer’s gross written premiums stood at about EUR4 billion in 2011.
Constantin Toma sold 67% in Platinum, keeping the remaining 33%. He explained he sold because, in order “to achieve our growth targets we need a strong partner.”
He had bought the company from CLAL, one of the largest insurers of Israel, in 2006, planning to use it to enter the market of mandatory home insurance.
Meanwhile Toma sold and bought Platinum back from Vienna Insurance Group (VIG), which took over Omniasig in 2008. VIG also owns Asirom in Romania and until recently it also owned BCR Asigurari, which it integrated into Omniasig.
Platinum posted 18.1 million lei (EUR4 million) in gross written premiums in 2011, settled RON6.1 million worth of claims and its net profit reached RON0.3 million. The company’s share capital stands at RON25.3 million.
Gross written premiums in the first quarter amounted to EUR2 million, compared with EUR600,000 in the same time of 2011.
The deal is worth several million euros, market sources say.
The company’s business plan includes reaching gross written premiums of EUR50 million to EUR100 million in five years depending on whether it expands into auto liability insurance or not.
Platinum has 50 employees and only one office other than its headquarters, after having been restructured. (EUR1=RON4.4594)
(English version by Loredana Fratila-Cristescu)