ASITO KAPITAL sold to MOLDASIG. The decision regarding the transfer of shares was published in the Romanian Official Gazette
 The Annual General Meeting of Shareholders of the company ASITO KAPITAL has approved the transfer of shares from the NORCROSS property (majoritary shareholder of the company) to the Joint International Insurance Company MOLDASIG from Moldova. The decision was published in the Romanian Official Gazette, Part IV, no. 4004 of October 28th, 2011. Following this decision, NORCROSS will lose its quality of shareholder of the company (it had controled 97% of the shares, representing 99.9% of the share capital of the company), which was taken over by the Moldavian insurer.
We recall that, recently, the company MOLDASIG has received the approval of the Insurance Supervisory Commission (ISC) for the acquisition of ASITO Kapital, after four months before the supervisory authority in Moldova - National Commission of Financial Market - had also approved this transaction.
This is the first investment of a Moldavian insurer on the insurance market in Romania, behind it being the Russian profile market leader, ROSGOSSTRAKH group. Thus, 80% of MOLDASIG shares were taken over in 2008 by the Cypriot subsidiary of the Russian insurer, LINEKERS.
MOLDASIG ranked first among insurance companies in Moldova, with a market share of 24.5% and EUR 7.4 million underwritings in the first half of this year.
After the first six months of this year, the underwritings of ASITO KAPITAL rose by 59.1%, to RON 51.66 million, compared with the same period of last year, when the company had registered premiums of RON 32.47 million worth. Meanwhile, the claims paid were maintained at a relatively constant level of RON 4.65 million.
More news and statistics about Romanian insurance market
More news and statistics about Moldavian insurance market
Author: Oleg DORONCEANU
on 03.11.2011
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