Allianz-Tiriac Asigurari, the second-biggest insurer in the Romanian market, has signed an agreement to take over German group Gothaer's local subsidiary.

This is Allianz-Tiriac's first acquisition after more than 25 years of organic growth.

Allianz-Tiriac and Gothaer Asigurari Reasigurari will continue to operate independently until they receive all the necessary approvals.

Once the acquisition is completed, Allianz-Tiriac will integrate Gothaer Asigurari Reasigurari, taking over its portfolio and employees.

The transaction's completion is conditioned by the approvals from the Financial Supervisory Authority (ASF) and the Competition Council.

The value of the deal was not disclosed.

"This acquisition is proof of Allianz-Tiriac's stability in a period full of challenges for the business environment, but also of the commitment of the company's shareholders towards the Romanian economy. Gothaer Romania, a company that has built a solid reputation and a balanced portfolio in its eight years of local presence, will be a good growth engine for Allianz-Tiriac," said Virgil Soncutean, CEO of Allianz-Tiriac Asigurari.

In this transaction, Allianz-Tirac was assisted by the law firm Schoenherr and Asociatii SCA, and PwC was the consultant in the due diligence process. International law firm Hogan Lovells LLP assisted the seller.

(Photo courtesy of the company)

andrei@romania-insider.com