Ion Tiriac, the Romanian, who first gained fame as a world class tennis player, has gone on to much bigger things. He’s become Romania’s most successful entrepreneur, and capped the rise of his business empire last week with the announcement that Germany’s Allianz has agreed to acquire a 51 percent stake in Asigurari Ion Tiriac S.A., the insurance company he founded in 1994.
Terms of the acquisition were not disclosed, but Tiriac will retain the minority 49 percent interest in the new company, Allianz Tiriac Insurance.
Allianz sees Romania as a country with significant opportunities. “Currently the county posts the lowest insurance penetration (0.83 percent) in the region. The market consequently promises high growth rates,” said Allianz.
“With gross premiums written of around 26 million US-Dollars and more than 130 sales offices Allianz Tiriac Insurance will be the third largest insurer in Romania. The new company headquartered in Bucharest will be active in both property and casualty as well as life and health insurance,” said the announcement.
Tiriac will remain busy, in addition to assisting Allianz’ insurance operations he will continue to direct Romania’s largest private bank, Banque Ion Tiriac, which he founded in 1991. He’s also chairman of the Romanian Olympic Committee, oversees his investment in Romania’s largest press group, Media Pro, and his concessions to import Ford and Mercedes automobiles to Romania, as well as being active in a number of charitable enterprises.
Topics Mergers & Acquisitions Allianz
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