CERTASIG shareholders decided to increase the capital by EUR 5 million
 The General Meeting of Shareholders of CERTASIG insurance company has decided, on the 8th of March, to adopt a program to increase the insurer's share capital by EUR 5 million, by issuing new shares, over a five years period. The decision of the General Meeting of Shareholders was published in the Official Gazette, Part IV, no. 1518, on April 9.
The shareholders have also decided to empower the Administration Board of the company that, for a period not exceeding five years after approving the capital increase, to be able to decide the annulment of the preference right of the existing shareholders.
In late January, CERTASIG announced the majority shareholder, ROYALTON Capital Investors, will operate a capital infusion worth RON 10.3 million, to support a continuous business growth, the capitalization of the company thus going to reach a value of over RON 83.2 million.
CERTASIG representatives explained that the capital increase was going to support the further development of the company's business, by expanding its main business lines: marine insurance, civil liability insurance, property insurance and Motor Hull insurance.
At that time, the insurer announced the resignation of Radu FRINCU from the position of General Manager of CERTASIG, a position which he had held since 2006, that was then taken over by James GRINDLEY, until that time Deputy General Manager of the company.
CERTASIG was created in 2003, following the merger of the former company FORTUNA S.A. Baia Mare and of the former Asigurarea Romano-Canadiana AROCA S.A. Bucuresti. In early 2008, the ROYALTON Capital investment fund announced the acquisition of a 95% share of CERTASIG, committing to support the company, for its development in Central and Eastern Europe.
Author: Andreea IONETE
on 13.04.2010
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