Romania’s Financial Supervisory Authority (ASF) has approved the takeover of the local insurance company Credit Europe Asigurări – Reasigurari by German group Ergo.

Ergo is owned by Munich Re, one of the largest reinsurers in the world. Munich Re had total assets of EUR 276.5 billion at the end of last year.

Ergo started investing in Romania in 2009, by setting up the company Ergo Asigurari de Viata. In 2015, the group showed interest in taking over the Romanian insurer Astra Asigurari, but later dropped the idea.

editor@romania-insider.com