At the end of August, the shareholders of Ardaf and Generali Asigurari approved the merger of the two insurers. The name of Ardaf, the absorbing company, will be changed into Generali Romania after the merger is finished.
In 2010, the two insurers underwrote premiums of 657.05 million lei (EUR151.3 million), from RON834.05 million in the previous year. Generali Asigurari underwrote premiums of RON439.91 million last year.
The two companies had a joint market share of 9.4% in 2009 and of 7.9% in 2010.
The top-four insurers on the local market are Astra, Allianz-Tiriac, Omniasig and Groupama, according to CSA data for 2010.
The shareholders of Generali Romania are Generali Holding Vienna AG – 66.25%, Iberian Structured Investment I BV – 20.76%, Generali PPF Holding BV, ORG Unit Prague CZE – 12.88% and others – 0.12%. The share capital of the insurer stands at RON133.09 million. (EUR1=RON4.3415)