Asigurarea Romaneasca - Asirom Vienna Insurance Group SA (Romania)

Asigurarea Romaneasca Asirom SA was established on 1 January 1991. Until 1997, Asirom was the leader of life insurance market, but after that date it was outpaced by Dutch ING Asigurari and was not able to recover its position. Furthermore, Asirom lost as well the leader position on the general insurance market in favor of Allianz Tiriac insurer as of end 2003. In July 2007, Vienna Insurance Group acquired a 30% stake in Asirom for EUR 47 mn from Interagro, the main shareholder; the transaction took place on Rasdaq market. At the beginning of November 2007, Vienna Insurance bought the rest of 20% held by Interagro for EUR 30 mn., thus raising its stake at 50.18% in Asirom. On November 26th 2007 Vienna Insurance Group made an offer for the remaining shares on a total of EUR 69 mn. In December 2007 WIENER STADTISCHE VERSICHERUNG AG bought in a public offer another 16.35% stake in Asirom and in June 2008, as a result of a share capital raise, came to 85.91% stake.