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Asiban, BT Insurances and OTP Insurances merger to be completed in 2009

The French group Groupama will complete the merger with Asiban, BT Insurances and OTP Insurances in December 2009 and has the goal of attaining a market share of 15 per cent on the Romanian auto insurances market and of 20 per cent on the medium and long-term life insurances market, Mediafax informs.

Likewise, the future company, Groupama Insurances, seeks to attain a market share of 25 per cent on the property insurances and civil responsibility domain.

‘Romania is a central element in our international development strategy, especially in the Central and Eastern European region. Groupama has taken an important commitment towards the Romanian market by buying the three insurances companies and is ready to actively take part in developing the local market' Jean-Francois Lemoux, general director of Groupama International, stated yesterday.

The three acquisitions have taken Groupama to a market share of 11.95 per cent on the Romanian general and life insurances market and have balanced the foreign capital structure in this industry. According to the 2007 data issued by the Insurance Over-watch Commission (CSA), in recent years the battle for supremacy on that market was waged between Austria's Vienna Insurance Group (VIG), Uniqa Group and Grawe Group which hold more than 40 per cent of the market and Germany's Allianz which holds approximately 17 per cent of the market. ‘We are about to complete the largest merger on the insurances market in Romania. (...) Likewise, we will do everything in our power in order to win back profitability in 2009 so that in 2010 we will be able to focus on the Group's dynamic development and long-term profitability' Denis Rousset, Groupama's representative in Romania, stated in his turn. The development of the future company will also be backed by the bank insurance partnerships signed with OTP Bank and Transylvania Bank and by the distribution agreements signed with BRD Groupe Societe Generale and CEC Bank.

 

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Tags: insurances market groupama merger otp cec brd

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