Groupama Asigurari SA (Romania)

In 1994 SAR Transilvania is founded as a general insurance company. A year later it gets the authorization also for life insurance policies and in 1998, for the pension insurance policies as well. In 2003 it externalizes the motor claims instrumenting services to the subsidiary BT Asist. In 2004, Transilvania Bank becomes the majority shareholder by 86% stake, compared to only 20% held until that date; the name SAR Transilvania is changed to BT Asigurari Transilvania. In 2005, SIF Banat Crisana buys 10% stake. In early October 2007, Banca Transilvania buys this 10% stake from SIF Banat Crisana, thus becoming the majority shareholder by 90% stake. In the middle of the same month, BT sells its 90% stake to the French Company Groupama, a company that holds the 3rd place rank among the greatest insurance French companies.
In September 2009 the most important merge in the insurance market at this date was initiated, that between Asiban, BT Asigurari and OTP Garancia, companies acquired in 2007 and 2008 by the French group Groupama. BT Asigurari will absorb Asiban and the new company will absorb OTP Garancia by the beginning of 2010. Following this change, the brands of Asiban, BT Asigurari and OTP Garancia will be replaced by the new Groupama Asigurari. Thus Groupama Asigurari has the 3rd place in the insurance market, following Allianz-Tiriac and Omniasig.