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The insurer Groupama, which prepares the merger of three companies acquired in Romania - Asiban, BT Insurance and OTP Garancia Asigurări - targets a 25% market share for property insurance and civil liability, 20% for life insurances and 15% of the auto insurance market.
After the merger, the name of the new entity will be Groupama Asigurări.
"Romania is a central element of our strategy of international development, particularly in the Central and Eastern Europe area," said the general manager of Groupama International, Jean-François Lemoux.
According to Groupama representatives, the goal of the future company, over a period of five years, is to reach market shares of 25% for property insurance and civil liability, 20% for life insurances and 15% on the auto insurance market.
The merger process between Asiban, BT Insurance and OTP Garancia Asigurări will be completed before the end of 2009.
The documents regarding Groupama Asigurări, which must be approved by the Insurance Supervision Commission (CSA), will be submitted at the end of the first quarter of 2009, while the rebranding process and the launch of the new company are scheduled for the end of autumn, say group officials.
"We are about to achieve the biggest merger process in the Romanian insurance market. We will do everything we can to regain profitability in 2009 so that, in 2010, we can focus on the dynamic development of the Group and long-term profitability", said the Groupama representative in Romania, Denis Rousset.
The networks of the three companies - Asiban, BT Asigurări and OTP Garancia Asigurări - have a total of approximately 500 agencies, with nearly 2800 employees and over 9300 agents spread throughout the country. The consolidated market share at the end of last year was 12.7% in the field of general insurance and 8.4% in life insurance.
Groupama has committed to pay shareholders 350 million euros for the third insurer on the Romanian market, Asiban. In 2007, Asiban registered gross underwritten premiums of 620 million lei (185.8 million euros).
In October, Banca Transilvania finalised negotiations with Groupama for the sale of a 90% stake of BT Insurance.
After having bought BT Asigurări, in February, Groupama agreed with Hungarian bank OTP to take over the OTP Garancia division. The transaction also included its subsidiaries in Bulgaria, Romania and Slovakia.