Romanian investors to take over local arm of Greek insurer Ethniki
A group consisting of several natural and legal persons active in the area of insurance brokerage will buy almost 97% of the shares of Garanta Asigurări insurer, the local subsidiary of The Ethniki – one of the leaders of the insurance market in Greece, Profit.ro reported.
The price for the small-sized insurer would be around EUR 1 million.
The Greek group previously tried to find a buyer for the shares of the Romanian subsidiary, but the discussions with EximAsig failed.
Garanta issues general and life insurance and, in 2022, underwrote premiums of RON 52.8 million from RON 53.2 million in 2021. The company's portfolio is dominated by voluntary car insurance contracts (CASCO) and property policies, alongside life insurance contracts.
The insurer's loss rose from RON 2.98 million in 2021 to RON 13.95 million at the end of 2022.
iulian@romania-insider.com
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