Insurance companies Generali and Ardaf will merge into Generali Romania, hoping to land a place in the top five of insurance companies in Romania. Both insurance companies have Generali as main shareholder.

Both existing brands and their products and sales channels will remain valid after the merger. “The merger will create a stronger company, more efficient, a better performer and will consolidate Generali Group's strategic, long-term presence on the Romanian market, in line with the shareholders' plans,” said Marie Kovarova, who coordinates the General Group activities in Romania (in picture).

Ardaf is majority owned by Generali PPF Holding. Generali PPF Holding B.V. operates in 14 Central and Eastern European countries and manages assets exceeding EUR 12 billion. Generali PPF Holding B.V. is a joint venture company of Assicurazioni Generali (51 percent of the shares) and PPF Group (49 percent of the shares).

Generali posted a volume of gross subscribed premiums of EUR 78.4 million in the first nine months of 2010 in Romania, down 9 percent compared to the same period of 2009. Ardaf posted a volume of gross subscribed premiums of EUR 33.2 million in the first half of 2010, which was down 13.5 percent on the same period of the previous year. In 2009, Ardaf posted EUR 77 million of gross subscribed premium last year, ranking ninth among locally active insurers, with a market share of 3.6 percent, according to the most recently available data.

editor@romania-insider.com