The transaction was approved by Decision No. 05 dated May 30, 2025, of the MIB Board of Directors, based on the resolution of the Extraordinary General Meeting of Shareholders (EGMS) No. 1 of December 21, 2023
“Approves, with unanimous votes cast, the authorization of the Company’s Board of Directors to engage in/approve development investments, including through the acquisition of client portfolios and/or ongoing insurance policies, and/or through the recruitment of new brokerage assistants,” the report reads.
The acquisition is financed from MIB’s own resources, the company having been capitalized through a capital increase carried out prior to its listing on the Bucharest Stock Exchange.
“Purpose and anticipated use of the acquired assets: The acquired asset, consisting of VBK’s goodwill, will be integrated into MIB’s goodwill and used for the same purpose. The MIB team has relevant experience and expertise in the insurance brokerage business, and the integration will occur naturally, through the migration to MIB of at least 90% of VBK’s brokerage assistants. Thus, insured clients will continue to be served by the same secondary intermediaries they are accustomed to, who already manage their policies, and the insurance policies assigned from VBK to MIB will continue uninterrupted with the same insurance companies,” the report also reads.
MIB shares have lost 7% so far in 2025, triggering a market capitalization of RON30 million on the AeRO Market.
Millenium Insurance Broker reported profit of RON393,628 in the first quarter of 2025, compared to RON703,767 in the same period of 2024. Its turnover increased to RON19.2 million in January-March 2025, from RON16.6 million in the year-earlier period.