Allianz is to increase its presence in the Romanian insurance market by buying a 51% stake in Asigurari Ion Tiriac.

The deal is Allianz's second in Romania in four months. In April the insurance group opened a Romanian subsidiary, Allianz Romania, offering property and casualty insurance products. The rationale of penetrating the Romanian market is compelling, according to Allianz, as the country has a population of 23 million, and it has the lowest insurance penetration - 0.83% - in the region.