Allianz-Tiriac takes over Allianz-Tiriac Unit’s portfolio

Allianz-Tiriac Asigurari received the necessary approvals from the Financial Supervisory Authority (ASF) for the transfer of its portfolio to Allianz-Tiriac Unit (formerly Gothaer Asigurari Reasigurari) in the context of the merger through absorption.   The portfolio takeover and subsequent merger process represents the last stage of the Allianz-Tiriac Unit acquisition and is part of Allianz-Tiriac’s strategy to consolidate and expand its operations locally, in the benefit of its clients and partners.   In the coming period, Allianz-Tiriac Asigurari will integrate Allianz-Tiriac Unit’s operations and portfolio, ensuring a smooth and transparent transition for all customers. The policies issued by Allianz-Tiriac Unit are fully taken over by Allianz-Tiriac Asigurari, without changes to the contractual conditions. Thus, the coverages, benefits and contractual obligations remain valid until the expiration date, without the need for additional actions or any other formalities on the customers’ side.   “The takeover of the portfolio and subsequent merger with Allianz-Tiriac Unit represents a natural step towards consolidating our position as a trusted partner, at every stage of our customers’ lives. The integration allows us to offer customers a unified experience and access to a complete portfolio of protection solutions, supported by a solid and diversified distribution network. We thank Allianz-Tiriac Unit customers for their trust and assure them that, from now on, we are together under the same umbrella, with a unified team and a single common commitment: to protect everything that makes their heart beat faster”, says Virgil Soncutean, CEO of Allianz-Tiriac Asigurari.   Allianz-Tiriac Unit has approximately 180,000 customers and closed 2024 with gross written premiums of approximately 117 million lei, up 5.8% compared to 2023. The evolution was mainly supported by non-auto insurance, such as property and liability insurance. Non-auto insurance represents approximately 60% of Allianz-Tiriac Unit’s underwritings, and most of the sales were carried out, in 2024, through partner brokerage companies.   The company paid total compensation in 2024 in a net amount of 43 million lei for damages covered by insurance offered to customers. “I am proud and happy that, together with the team, we have successfully prepared Allianz-Tiriac Unit for the transfer to the parent company Allianz-Tiriac, a step that reflects our efforts over the last three years and our dedication to performance. This stage represents an opportunity to contribute to our shared success, combining the experience and expertise of Allianz-Tiriac Unit with the resources and vision of Allianz-Tiriac. Together, we will continue to provide protection solutions, building a safer future”, says Ciprian Pop, CEO of Allianz-Tiriac Asigurari Unit.   Allianz-Tiriac Asigurari acquired the local entity of the German group Gothaer in 2020, and in 2022 it went through a rebranding process, becoming Allianz-Tiriac Unit.