According to the plan, BCR Asigurari is valued at RON207.76 million (EUR47.6 million).
The valuation was made by CMF Consulting.
The merger premium was set at RON789.15 million.
The merger of the two insurers, both controlled by Austrian group Vienna Insurance Group (VIG), should be completed by April 1, 2012.
Shareholders of Omniasig Vienna Insurance Group approved the preliminary merger with BCR Asigurari in August. The insurance company created after the merger is set to become the leading insurer on the Romanian market, according to the merger plan.
VIG is one of the biggest insurance groups in Central and Eastern Europe and is listed on the Vienna Stock Exchange. In Romania, VIG also owns insurer Asirom.
According to insurance regulator CSA, Omniasig underwrote premiums of RON916.1 million in 2010 and had a market share of 11.03%. BCR Asigurari’s revenues from underwritten premiums stood at RON522.01 million. Its market share reached 6.29%.
The top two insurers on the local market regarding underwritten premiums are Astra and Allianz-Tiriac. (EUR1=RON4.3146)