DELTA Addendum goes into voluntary liquidation
The DELTA Addendum shareholders have decided to "start the procedure for voluntary dissolution of the company, that will enter into voluntary liquidation, all the necessary documents being submitted to the Insurance Supervisory Commission", said Nicolae Ovidiu VOINEA, General Manager of the company, for XPRIMM Newsletters.
The shareholders have analyzed the situation of the company and will decide, most likely, not to sell its portfolio, but to adopt run-off, the procedure for administering the possible obligations of a bankrupt insurance company.
Run-off means that a company in the process of liquidation will honor all contracts to the last, as follows: the insured whose insured event has not occurred will regain their insurance premiums, paid proportionally with the remaining period of the contract, and, for those who have claims, the payment of claims and of insured sums will be made from the assets of DELTA Addendum.
"At the time of taking the decision of voluntary liquidation, we had an additional 25% compared to the businesses registered in the same period of last year, while profit amounted to EUR 70,000 at the end of October 2009", said the General Manager of the company.
The main shareholder of DELTA Addendum, a small size non-life company, is DELTA Asigurari, a company specialized on the life segment, that is also in the process of voluntary liquidation, all the necessary documents being submitted in the autumn of 2009 to the ISC. The decision was taken by the company's shareholders, PETROMSERVICE and MKB Romexterra Bank, as they negotiated the sale of the company's portfolio to other insurers from the market.
DELTA Asigurari began its activity on the local life insurance market in 2003, the shareholders of the company being PETROMSERVICE, with almost 65% of the shares, and MKB Romexterra Bank, which owns 35%.
Author: Andreea IONETE
on 13.01.2010
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