Electromontaj, the largest high-voltage electrical network constructor in Romania, has become the majority shareholder of insurer ABC Asigur\u0103ri after acquiring the stake held by Hidroconstruc\u021bia, a company currently in insolvency.\u00a0<\/p>\n
ABC Insurance is a general insurance company with 100% Romanian capital, present on the local market for over 25 years. In 2024, the company aimed to underwrite insurance premiums totaling RON 86 million (EUR 17.3 million) and achieve a gross profit of RON 5 million (EUR 1 million).\u00a0<\/p>\n
The transaction, which is pending final approval from Romania\u2019s financial watchdog ASF, will give Electromontaj a 56.5% share in the insurance company. The other shareholders of the insurer are Blue Capital \u2013 19.31%, Iridex Group \u2013 11.47%, individual shareholders \u2013 9.97%, and other legal entity shareholders \u2013 2.74%.<\/p>\n
\u201cThis transition confirms Electromontaj\u2019s confidence in a solid and sustainable project, with clear long-term growth and stability objectives,\u201d ABC Insurance CEO Ciprian Osiac told Profit.ro<\/a>.\u00a0<\/p>\n Electromontaj, which had a turnover of RON 754.66 million (EUR 150 million), has as its majority shareholder Grup EM. The company operates other entities like Emfor, Iproeb, Electrotehnica SA, Hidroconstruc\u021bia, ELM Branch Bucharest, and Pro ELM Electrice. Earlier this year, Electromontaj signed a 10-year partnership<\/a> with TenneT BV, the electricity transmission operator in the Netherlands as part of a large project.<\/p>\n On a consolidated level, the companies controlled by Grup EM recorded a turnover of RON 1 billion (EUR 201 million) last year, up from RON 877.6 million (EUR 176.6 million) in 2023.\u00a0<\/p>\n