The transaction is still subject to the approval of the local authorities. In accordance with the local legal requirements, UNIQA will make the small shareholders of the listed company, ASTRA, a compulsory offer.
Already at the time of first investing in ASTRA in mid-2005, UNIQA secured the option of acquiring further shares from Nova Trade in the medium term. In full agreement with Nova Trade, the fundamental step has now been made and the commitment has been strengthened accordingly.
The previous cooperation between UNIQA and Nova Trade, as a strong local partner, will be continued. With its 21.7 million inhabitants, Romania is not only one of the largest markets in Eastern and South Eastern Europe, but also one the most rapidly growing insurance markets in the European Union.
In 2006, the total of premiums collected by ASTRA-UNIQA amounted to approximately 86 million euros, which is an increase of about 80%. In the same period, Romania’s entire insurance market grew by 34%. In the area of non-life, ASTRA-UNIQA has 6.6% of the market share, which gives it market position no. 6.