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Piraeus Bank's Romanian insurance unit off-loading nonlife portfolio

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Piraeus Bank's Romanian insurance unit off-loading nonlife portfolio

Euroins Insurance Group LLC unit Euroins Romania Insurance-Reinsurance SA agreed to acquire a nonlife insurance portfolio from ATE Insurance Romania SA, a unit of Piraeus Bank SA.

Euroins Romania's ultimate parent, Eurohold Bulgaria AD, said Jan. 19 that the portfolio comprises mostly nonmotor insurance policies.

The transaction, which is pending regulatory approvals, is aimed at strengthening Euroins' position on the Romanian market. Financial details were not disclosed.