GOTHAER Finanzholding took over 67% of PLATINUM Asigurari

PLATINUM Asigurari Reasigurari announced the closing of the deal through which GOTHAER Finanzholding bought a 67% stake of the Romanian company. The rest are equally owned by …Constantin TOMA and Efraim NAIMER. The transaction is being currently subjected to the regulatory approval of ISC РThe Romanian Insurance Supervisory Commission.

“The acquisition of 67% of the PLATINUM shares represents an important step in the GOTHAER Group’s business development strategy in CEE, and PLATINUM is an ideal platform to enter the Romanian market. The financial and technical support offered by one of the oldest and strongest insurance companies in Germany will strengthen PLATINUM’s position. Together with the excellent local management team, we expect to become one of the largest insurance companies on the non-life market in Romania in the following 5 years,” said Jurgen MEISCH, CFO, GOTHAER Insurance Group.

Constantin TOMA, President of PLATINUM Asigurari’s Management Board, added: “In these difficult times, we are happy to become the partners of a powerful strategic investor such as GOTHAER. We strongly believe that the involvement of GOTHAER in our company is a good sign for PLATINUM and the insurance industry. PLATINUM will be able to improve the quality of its products and services, due to GOTHAER’s know-how and experience in the insurance field. As a first step of becoming part of the GOTHAER Group, PLATINUM will soon be rebranded in GOTHAER, in order to benefit from the powerful market position of an international insurance group.”

In the first half of 2012, PLATINUM Asigurari reported gross written premiums of EUR 3.3 million (RON 14.5 million) increasing by 100.3% in euro compared to 1H2011. Also, in the analyzed period, the paid claims reached EUR 0.4 million (RON 1.8 million), while the premiums ceded in reinsurance totalized EUR 1.3 million (RON 5.5 million) according to results published by INSURANCE Profile.

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