Capitalizations of over EUR 300 million, also in 2010

Shareholders of the Romanian insurers are operating new capital increases, that companies need to face the losses registered in the conditions of a 2009 marked by the financial crisis. So, if last year the capitalizations made amounted to EUR 350 million, specialists expect the market will receive a similar contribution of capital this year.

Since the beginning of this year, five insurance companies have received capital contributions from shareholders: VIENNA Insurance Group has decided to increase the capital of BCR Asigurari with RON 57.4 million the most, while ARDAF, member of the group GENERALI PPF Holding, will receive a new capital increase, worth EUR 12 million.

Also, the insurance company EUROINS Romania will increase its share capital by RON 12.5 million, and shareholders of GROUPAMA Asigurari, a company born from the merger of ASIBAN and BT Asigurari, brought EUR 14 million to the insurer's capital, according to a decision taken in December 2009.
Also, at CERTASIG, shareholders will discuss at the General Meeting from March 8 the possibility of adopting a program to increase the share capital of the insurer with EUR 5 million, in a period of five years the most.

Insurers' representatives had estimated since the beginning of 2009 that the market would need massive capital infusions, of up to EUR 300 million, so that companies could fall within the margin of solvency, in the context of significant losses recorded by insurers in 2008 and of adverse economic circumstances - following the beginning of the financial crisis.
Early this year they have also warned that companies needed additional capital contributions to cope with the significant losses of last year.

"Insurance companies in Romania registered last year losses of around EUR 150 million only on the MTPL segment, under the circumstances of claims growth on this segment", said the General Manager of ALLIANZ-TIRIAC Asigurari, with the occasion of the event FORECAST 2010 - General Insurance.
Thus, he estimates, "in 2010 we can expect a similar level in terms of capital contribution".

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