Deals with insurance companies total 1bn-euros

Deals sealed in the insurance sector have exceeded a record-high of one billion euros over the last six months, which makes it the most dynamic sector of the year. No less than eight companies have been sold between December last year and the end of May, this being the first time in the history of the local market when so many insurers were sold in such a short period of time, for such high prices. The companies that have changed their shareholders during this time are BT Asigurari, OTP Garancia, Ardaf, RAI Asigurari, Asiban, BCR Asigurari, BCR Asigurari de Viata and Unita. The deals concluded in the last half-year significantly exceed the level of those recorded since the creation of the insurance market until the end of last year. The influx of deals began with BT Asigurari, a company taken over by French-held Groupama, a major player in the region, in December last year. The French paid 100 million euros for the company, 90 million of which were collected by the majority shareholder, Banca Transilvania, which held a 90% stake, while 10 million euros went to the minority shareholders, which had a 10% stake.