The insurance groups Ergo of Germany and Eurohold of Bulgaria have taken Ergo Life Insurance Romania out of their regional deal while keeping Ergo Insurance Romania in the package of subsidiaries subject to the takeover deal, Profit.ro reported.

Reportedly, the package designed initially would have involved excessive financial obligations for Eurohold.

Ergo Insurance Romania announced EUR 9 mln revenues in 2019. Eurohold announced in March 2019 plans to take over from Ergo four insurance companies in three countries, namely Romania, the Czech Republic, and Belarus.

"A year ago, Ergo and Eurohold entered into an agreement for the takeover of regional subsidiaries Ergo Czech Republic, Ergo Belarus, Ergo Life Insurance Romania and Ergo Insurance Romania by Eurohold. At this time, however, Ergo Group and Eurohold have decided by mutual agreement, to pull out from the deal regarding Ergo Life Insurance Romania. The other three subsidiaries remain part of the deal. Ergo and Eurohold collaborate with the relevant authorities of the respective countries in order to receive the necessary authorizations for the completion of these transactions," said the general manager of Ergo Life Insurance Romania, Mihai Popescu.

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editor@romania-insider.com