The Competition Council (CC) last week authorised the takeover of the insurance company Omniasig SA together with its branches by Austrian-based company Wiener Stadtische, after establishing that the deal would not cause any serious damage to normal competition in the industry, the CC decision says.
The Austrian group has indirectly taken over Omniasig AGI, Omniasig Asirag, Omniasig Asigurari de Viata, Autosig, Omniasig Addenda and SAI Sira. The CC decision can be challenged within a period of 30 days at the Bucharest Court of Appeals.
In early May TBIH Financial Services NV (Netherlands) said it had reached an agreement with Wiener Stadtische to sell its 68.87% stake in Omniasig Asigurare-Reasigurare SA.
The Austrian company will pay 64 million euros (83 million dollars) for the Romanian company, according to a release by the owner of TBIH, the Dutch group Kardan.
Besides this contract, TBIH and Wiener Stadtische also reached a preliminary agreement, which will see the Austrian group buy around 50% in the life insurance company Omniasig Asigurari de Viata.
Omniasig SA shareholders will meet at the beginning of next month to discuss the sale by Omniasig to TBIH Financial Services of 49.97% from the stake held in Omniasig Asigurari de Viata. Omniasig SA currently controls 95% in the life insurance company.
The companies of the Omniasig group (Omniasig Asigurare-Reasigurare, Omniasig Asigurari de Viata and Omniasig Addenda), together with Omniasig AGI (formerly AGI Romania) and Omniasig-Asirag (formerly Asirag Pitesti), posted gross underwritten premiums from direct insurance worth 419.3 million RON for last year, accounting for 12.2% of the market for general and life insurance.
Wiener Stadtische also holds the majority stakes in the insurance companies Unita and Agras, which account for 6.2% of the market.
The Omniasig shareholder structure also includes Banca Comerciala Romana (Romanian Commercial Bank - BCR) through a 21.84% stake, Romanian private investors, 9.91%, and foreign investors, 1.39%.
TBIH bought the main stake in Omniasig in May 1999. TBIH is controlled by the investment funds Herfstzon Beheer BV, with 58.19%, MidOcean Partners, 24.65%, and Englefield Capital, 17.16%, while Kardan indirectly owns 49% in its capital.
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