Another step towards GROUPAMA Asigurari: ISC approved the transfer of the OTP Garancia portfolio
 The Board of the Insurance Supervisory Commission approved the transfer of insurance portfolio of OTP Garancia Asigurari to GROUPAMA Asigurari. The Commission's Decision was published in the Official Gazette, Part I no. 307 of May 11, current year. Thus, the largest merger process of the Romanian insurance market is approaching its completion, as the OTP Garancia operations are to be integrated under the unique brand GROUPAMA Asigurari.
GROUPAMA Asigurari, born from the merger of ASIBAN and BT Asigurari, was officially launched on September 28, 2009. The French group, the third European player on the national profile market and the largest investor in the insurance field in Romania, will thus finalize the complete integration of the three companies it has acquired locally by mid year.
GROUPAMA reported for 2009 a loss of EUR 9.7 million and a business decrease of 10.9%, to a volume of underwritings of EUR 209 million, under the circumstances of adverse developments in the economic environment and of measures for portfolio restructuring.
Author: Mihai CRACEA
on 12.05.2010
Comment this article
0 comments
|
