Romanian insurer Allianz-Ţiriac puts office building in Brasov up for sale at nearly EUR 9 million

Insurance company Allianz-Ţiriac is to sell its office building in Brasov, with an asking price of nearly EUR 9 million. The sale is also part of the insurer's measures to meet new Solvency II European equity adequacy regulations. The Solvency II regulations are set to bring a sea change in the European insurance market and could come into force as early as January 2014. “The company has brought a building in Brasov to the market, at a price of EUR 8.95 million and will continue to reduce its exposure to real estate assets to align with the requirements of Solvency II,” said Allianz-Ţiriac representatives, quoted by Ziarul Financiar. The Brasov office building has more than 9,000 sqm of space and an occupancy rate of over 90 percent. Insurance company Allianz-Ţiriac Asigurări ended 2012 with total subscribed premiums from general and life insurance of some EUR 202 million, slightly higher than in 2011. However, its operational profit was of around EUR 1.46 million, almost half compared to the year before, mainly because of the increase in damages payments for cars and properties. Allianz-Ţiriac is majority owned by German insurance company Allianz, with some 52 percent, the rest being controlled by Romanian businessman Ion Tiriac via a Cyprus based company. It is one of the largest insurance companies in Romania, among the top three. editor@romania-insider.com