The Romanian branch of insurance company Grawe announced Tuesday that in March this year it received an authorization to merge with the local branch of Sara Merkur. Peter Kasyk, general manager for Grawe Romania, announced his life insurance-oriented company planned to consolidate its stand on the general insurance market and it considered a new acquisition on the Romanian insurance market.
Kasyk said Grawe was interested in expanding on the non-life insurance sector and is monitoring other insurance companies of 3-4% market share for a possible acquisition.
Austrian company Grazer Wechselseitige Versicherung (Grawe) announced in January last year its decision to buy Sara Mercur, controlled by the Merkur group, also from Austria. Grawe is the majority stakeholder of Grawe Romania Insurance, with a 99.882% stake.