Allianz-Țiriac advances with strategic acquisition in Romania's insurance market

Ion Țiriac has made a significant move that could reshape the insurance landscape in Romania. Allianz-Țiriac Asigurări has received approval from the Competition Council to fully acquire Campion Broker de Asigurare și Reasigurare, a company that ranks sixth in the insurance brokerage market.

This acquisition is poised to strengthen Allianz-Țiriac's position in the Romanian market, where it is already one of the leading players in the insurance industry. Campion Broker holds a cumulative market share of 4.31% across general and life insurance segments, and 5.70% in the RCA segment, making it a valuable asset for Allianz-Țiriac.

The transaction still requires authorization from the Financial Supervisory Authority (ASF) before it can be finalized. Once completed, the acquisition will not alter the current operations of Campion Broker, as measures have been proposed to ensure a smooth transition. These include maintaining a separate and independent management for Campion Broker and restricting access to sensitive commercial information obtained from other insurers.

Allianz-Țiriac intends to support the growth of Campion Broker through investments, expertise, and professional training opportunities for employees. The brand name Campion is set to be preserved, ensuring continuity in its operations. Virgil Șoncutean, the general director of Allianz-Țiriac, has emphasized the importance of implementing internal procedures to comply with competition legislation throughout this process.

Before the transaction, Octavian Tatomirescu was the major shareholder of Campion Broker, with a management contract lasting five years. This strategic acquisition not only provides Allianz-Țiriac with an extended distribution network but also reaffirms its commitment to enhancing its offerings in the Romanian insurance sector, offering a promising outlook for future developments.