SIGNAL IDUNA ASIGURARE REASIGURARE has received final approval from Romania’s Financial Supervisory Authority (ASF) to acquire a majority stake in Garanta Asigurări, formerly owned by Ethniki Insurance, Greece’s most established composite insurer.
This marks another strategic step in SIGNAL IDUNA’s steady expansion in Romania, a country where the group has operated for over 16 years. Known for its focus on health and life insurance, SIGNAL IDUNA now aims to complement its portfolio with Garanta’s general insurance expertise, creating a broader and more resilient offering for both individuals and corporate clients.
“This new chapter represents a major step forward in our journey” said Tiberiu Maier, Chairman of the Board of Directors at SIGNAL IDUNA ASIGURARE REASIGURARE. “It also marks another firm step toward strengthening SIGNAL IDUNA’s position among the leading insurers in the country.”
The move comes on the heels of strong 2024 financial results for SIGNAL IDUNA in Romania. In 2024, the group concluded the year with total gross written premiums of approximately RON 424 million, reflecting a 16% increase compared to the previous year. The Life and Health Insurance company recorded gross written premiums of over RON 315.6 million, up 15%, while the General Insurance company saw a 17% rise, exceeding RON 108.6 million. These results underscore the group’s consistent growth, financial resilience, and increasing relevance in the Romanian market.
SIGNAL IDUNA Group, based in Germany, is one of the country’s leading insurance and financial services providers. With roots going back more than 130 years, the group was formed in its current structure in 1999 through the merger of Signal Versicherungen and Iduna Nova. It has built a reputation across Europe for stability, independence, and customer-focused innovation, with operations in Germany, Poland, Hungary, and Romania. According to a recent assessment by Fitch Ratings (June 5), the group benefits from strong asset and liability management, with a reduced duration gap between assets and liabilities—further reinforcing its stability and risk resilience in dynamic markets.
Locally, the group operates through two companies—SIGNAL IDUNA ASIGURARE REASIGURARE and SIGNAL IDUNA ASIGURĂRI—offering an integrated suite of life, health, and reinsurance services. The acquisition of Garanta Asigurări follows a similar move in 2021, when SIGNAL IDUNA acquired ERGO Asigurări de Viață and ERGO Asigurări, consolidating its footprint in Romania’s competitive insurance sector.
Garanta Asigurări itself has a long history in Romania. Established in 1997, it was backed by Ethniki Insurance, a name that has been synonymous with trust and stability in Greece since 1904. Ethniki was recently part of a major acquisition deal, with Piraeus Bank agreeing to buy a 90% stake from CVC Capital Partners for €600 million—a sign of the dynamic changes in the regional insurance landscape.
For now, SIGNAL IDUNA and Garanta Asigurări will continue to operate independently, retaining their product lines, teams, and business relationships. However, plans are in motion to explore integration pathways that could lead to a unified product portfolio and streamlined operations in the medium term.
Clients and partners of both companies are expected to benefit from this evolution, as SIGNAL IDUNA pledges to maintain high service standards and communicate any future changes transparently and in advance.
With this acquisition, SIGNAL IDUNA not only strengthens its competitive position but also reaffirms its belief in the Romanian market’s long-term growth potential—one built on trust, expertise, and smart expansion.
