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ERGO Group completes acquisition of Romanian nonlife insurer

units andERGO Versicherung AGcompleted the acquisition of all shares in Romanian nonlife insurance companyCredit Europe AsigurariReasigurari SA, following final approval from the Romanian FSA.

The purchase price was notdisclosed.

Credit Europe Asigurari willcontinue to operate under the ERGO brand following completion of the rebranding,ERGO said. All insurance policies will remain in place and will not be modifiednow that they are part of the ERGO brand.

Having completed the acquisition,ERGO now offers both life and nonlife insurance in Romania, having already beenactive in the life segment since 2010 through ERGO Asigurari de Viata.

Credit Europe Asigurari recorded€9.1 million in premiums in 2015. Its product portfolio includes mainly propertyand casualty insurance, motor insurance, personal accident insurance, travelhealth insurance and liability insurance.

Munich Re is the ultimate parent of ERGO Group.