The agreement is pending customary regulatory approvals.
The deal will add significant non-motor insurance policies to Euroins Romania’s portfolio in line with the company’s 2017 goals of maintaining its market position and improving its financial result. The company’s current position has come from a focus on detailed market segmentation aimed at portfolio quality and diversity, reducing its risks. Last year, Euroins Romania brought in a premium income of 197.7 million Euro, a 21.8 percent growth rate for the year. As of December, Euroins Romania's total premium income had grown 19.6 percent year-on-year.
"ATE Insurance's non-life insurance portfolio is dominated by non-motor insurance policies and the acquisition is in line with our goal to diversify Euroins Romania's product portfolio and business lines,” said Eurions Romania CEO Mihnea Tobescu. “It will also strengthen further our position on the Romanian market."
Euroins Romania is part of Euroins Insurance Group EAD, which serves the larger Central and Southeast Europe. ATE Insurance Romania is a subsidiary of Piraeus Bank, one of Greece’s leading banking institutions.