AXA Life insurance’ shareholders initiated the merger by absorption process, resulting in the absorption of former local subsidiary of French AXA by BCR Asigurari de Viata Vienna Insurance Group, under the approval of the Financial Surveillance Authority (ASF).
„The merger will be initiated and realized based on the merger project from April 30, developed by the members of company’s board together with the BCR Asigurari de Viata board’s members and will be approved by ASF regarding the authorization and monitorization of the insurance and reinsurance companies,” according to profit.ro document.
Also the AXA Life Insurance Romania’ shareholders approved the start of the transfer procedure of the insurance contracts portfolio.
„The general and special conditions of the insurance contracts closed by AXA are unchanged and will be taken over by BCR Asigurari de Viață. The portfolio transfer will be developed and will respect the laws,” according to an announcement from the web page of AXA Life Insurance Romania. At the end of 2016, the market share of AXA Life Insurance Romania was estimated to 1.05 percent of the volume of the subscribed premiums on life insurances segment, a drop by 1.13 percent in 2015.
The transfer was announced Profit.ro since the last summer. The subsidiary takeover was authorized by ASF since February 2017. A month later, the AXA giant capitalized the Romanian subsidiary by RON 90.4 million. As a result of the operation, the social capital of the Romanian insurer increased by RON 61.74 million, to RON 156.96 million, according to the data of Profit.ro.
The amount was transferred to Societe Beaujon and AXA Societe, the legal entities registered in France.
Profit.ro announced on August 2016, citing several sources from the market, that Vienna Insurance Group, the major shareholder of Asirom, Omniasig and BCR Asigurari de Viata, agreed with AXA to take over the local business of the French giant.
The post M&A alert. BCR Asigurari to merge with AXA Life Insurance Romania appeared first on Business Review.