Uniqa Asigurari, the subsidiary of Austrian insurance group Uniqa, is reportedly in talks to take over Garanta Asigurari - another small-sized player controlled by Swiss-Greek businessman Jean Valvis and Posta Romana, according to Economica.net, quoting sources familiar with the negotiations.

Although Uniqa is still bigger, the difference between the two small-sized players is not significant, and a possible acquisition would increase Uniqa’s portfolio by about 50%, a considerable percentage.

Jean Valvis is best known as the founder of Aqua Carpatica mineral water brand and the producer of Samburesti wine brand, as well as the founder of other brands on the Romanian market (Dorna Apemin mineral water later sold to Coca-Cola and LaDorna dairy sold to Lactalis).

Garanta is an insurance firm that built its business on its ties with Banca Romaneasca (formerly owned by National Bank of Greece) and NBG’s leasing arm - as it sells insurance contracts mainly in connection to the loans extended by the two.

Uniqa reported revenues worth EUR 27 mln, cumulative for the two (life and general) divisions, while Garanta generated revenues of around EUR 11 mln. In the general insurance segment, Garanta reported EUR 10 mln in revenues, half the EUR 20 mln reported by Uniqa Asigurări. 

andrei@romania-insider.com

(Photo source: LCVA/Dreamstime.com)