German insurer Signal Iduna announced the signing of the agreement for the acquisition of a majority stake in the Romanian insurance firm Garanta Asigurări from Greece's market leader – The Ethniki, Hellenic General Insurance Company.

Following the success recorded in 2021 through the acquisition and integration of the two Romanian subsidiaries (life and general) of Ergo Group AG, Signal Iduna continues and expands the repositioning process as an insurer that offers suitable insurance solutions for any need of Romanians, the company's press release reads.

The transaction, sealed on November 1, will be completed following the receipt of the necessary approvals from the Financial Supervisory Authority (ASF) and the Romanian competition body Consiliul Concurentei, as well as the fulfillment of the conditions of sale agreed by the parties.

Signal Iduna reported a volume of gross written premiums of over RON 274 million (EUR 55 million) for health and life insurance, which made it the fifth-largest player in the market segment, and over RON 93 million (EUR 20 million) for general insurance in 2023. 

Currently, the company operates in the insurance markets of Germany, Poland, Hungary, and Romania. In the Romanian market, Signal Idina started its operations in 2008.

iulian@romania-insider.com

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