Ergo will operate as Signal Iduna in Romania and continue to provide insurance services that will include home insurance. Signal Iduna’s volume of premiums will increase by 50% in Romania, following the deal, the insurer estimates, and reach some RON193.5 million.
Signal Iduna, the leader of the local health insurance market, ended 2020 with RON129 million gross written premiums, an increase of 27% on 2019 and posted RON4.12 million profit.
Ergo Asigurari’s gross written premiums reached RON47.7 million in 2020, down 11% year-on-year and Ergo Asigurari de Viata’s stood at RON14.33 million, more than three times lower than in 2019. Both Ergos have been in the red in the last few years.
The deal between German-held insurers in Romania comes after the announcement of Allianz-Tiriac’s acquisition of Gothaer at the end December last year.
A previous deal, the acquisition by Vienna Insurance Group (VIG) of Netherland’s Aegon’s operations in Romania, Hungary, Poland and Turkey, was announced at the end of November 2020.
(English version by Loredana Fratila-Cristescu)