Biggest local insurer names Romanian to replace expat as CEO

Allianz-Tiriac Asigurari, the biggest insurance company in Romania, will have a Romanian CEO starting September 1, 2016.

Virgil Soncutean, the company’s Chief Sales Officer – CSO and deputy general manager, will take over the CEO position from Austrian Remi Vrignaud, who has been managing Allianz-Tiriac since September 2012.

Vrignaud will join the Allianz Group’s top management, as head of CEO Oliver Bate’s chancellery, according to an official announcement by Allianz-Tiriac.

Under his management, Allianz-Tiriac Asigurari has regained the top spot in the local insurance market, which has been shaken by several scandals in recent years. In 2015, the company had gross premiums of EUR 239 million, 7% higher compared to 2014. The revenues increase by 17% over 2012 and the operating profit ratio went up from 0.8% in 2012 to almost 7% in 2015, according to the company’s reports.

Allianz-Tiriac had a 12% market share in 2015, according to Romania’s Financial Supervisory Authority (ASF).

Allianz-Tiriac Asigurari is a joint venture between German insurance group Allianz and Romanian investor Ion Tiriac. Allianz holds 52% of the company and Tiriac owns 44.5%.