A new Austrian acquisition?
GRAWE Romania is planning to acquire ASITO Kapital insurance company, the due-diligence
procedure already in progress. When he was asked about the possible transaction,
Peter KASYK, General Manager of GRAWE Romania, confirmed the information.
We are very interested in ASITO Kapital, but, unfortunately, I cannot give
more details at this time", said KASYK for XPRIMM Media.
"We are happy that such an important company as GRAWE is interested and
we hope that the transaction will be finalized", says Marcel PIRCIOG, General
Manager of ASITO Kapital. He believes that his company's position and structure
allow for very interesting future developments.
Sources inside the insurance market say that in a very short time, possibly
next week, there will be an official statement.
Not to forget that GRAWE have shown their intention to acquire a general insurance
company, as ASITO Kapital, since the beginning of 2006. more than that, this
is not the first acquisition on the Romanian market for the Austrian company.
In January 2005, GRAZER Wechselseitige Versicherung, the major shareholder
of GRAWE Romania, took over SARA MERKUR, the merger being finalized in March
2006.
GRAWE began working in Romania in 2000, registering a 7.92 million RON (2.37
million EURO ) in 2007, a 90% growth compared to the previous year, with a
gross written premiums of 101.4 million RON (30.38 million EUR). According
to some previous statements, the company's targets for this year are a 30%
increase of the written premiums, a 40% of the financial result and placing
amongst the top 5 life-insurance companies.
ASITO Kapital entered the Romanian market 10 tears ago, under the name of LUKOIL
Asito. Their turnover exceeded 1937 million RON (5.35 million EUR) during the
first trimester of this year, gross premiums in 2007 registering 29.6 million
RON (8.89 million EUR).
Their portfolio in formed mainly by fire and natural disaster insurance, followed
by auto insurance and liability bills.
Author: Alexandru CIUNCAN
on 18.06.2008
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