FIAR 2007 -
with the support of ISC

The 10th edition of FIAR will take place with the help and articipation of ISC - The Insurance Supervisory Commision. ISC supports all the information disseminations and promotions of insurance market at national, European and international level, understanding their importance for the evolution and development of this industry and for raising the insurance knowledge level and the awareness degree among the Romanian people, Angela TONCESCU, The ISC President explained.

ISC’s support honors us and at the same time obliges us, this representing the recognition of FIAR as the most important European spring event dedicated to the insurance market, Sergiu COSTACHE, General Director of Media XPRIMM, stated.

New President for ARDAF

Daniel TUDOR is the new President of the Board of Directors and General Director of ARDAF. He was appointed yesterday, 7th of February 2007, during the Shareholders’ General Meeting. Previously, he was the President of RAI (ROUMANIE ASSURANCE INTERNATIONAL), also being its major shareholder untill 6th February.

My main objective as the President of the Board of Directors is the ARDAF’s relaunch, the new president of the insurer from Cluj Napoca declared.
Regarding an ARDAF and RAI merger, Daniel TUDOR highlighted that for the moment this variant is not taken into account.

The new ARDAF’s president will probably be confirmed in his position by Insurance Supervisory Commission (ISC) during the next week.

In the same time, Mihaela SUHANE, who was the RAI’s Deputy Director and Bogdan VETRICI-SOIMU, lawyer, were appointed in the Board of Directors.

Since July 2006, ARDAF has been under a special administration, measure imposed by ISC. Last week ISC announced that the special administration measure established for ARDAF had positive effects and the Council of Insurance Supervisory Commission observed the increase of the company’s social capital over the minimum level required by the supervisory authority and needed for the reinstatement of the financial situation. ARDAF has recently got through a capitalization process and obtained EUR 30 million. As a result of this process the shareholders are: Daniel VOICU, lawyer, with a EUR 7 million investment reached a 15.87% quota, while TENDER Group holds 56.19%.

ASIBAN gets a RON 1 million profit

In 2006, ASIBAN posted RON 451.08 million gross written premiums, increasing over 31% compared to 2005. The preliminary results registered a RON 1 million gross profit at the end of 2006. It is going to be confirmed after the audit of the financial situation by KPMG, Dumitru Mugurel CERACEANU, President and General Director of ASIBAN stated. 2006 meant a stable development of the company, the quoted official added.

The company was on the 4th position in the insurance companies’ top after the first nine months of 2006, according to Insurance PROFILE Review. The main objective of ASIBAN for 2007 is to have profit. We intend to achieve profit and to remain among the first insurers from Top 10, Dumitru Mugurel CERACEANU has recently declared.

In the first quarter of 2007, the company will have a new headquarter on No. 45 Mihai Eminescu Street. The new building with seven floors and 3800m² is the result of a EUR 3 million investment, the company’s president added. At the beginning of 2007 ASIBAN was attested by TUV Rheinland for the quality management system according to Standard ISO 9001:2000 in the insurance and reinsurance field.

The event happened at the 10th anniversary of activity for ASIBAN and confirms our concern for good quality services and preparation for the next competitive phase created by the integration into European Union, the quoted official explained.

BT Asigurari increased
with more than 103%

BT Asigurari posted in 2006 almost RON 211 million gross written premiums (over EUR 62 million), up 103% compared to the anterior year’s results. Taking into account the premiums’ level and the entire insurance market growth, the 2006’s results confirms the company’s position among the first ten general insurance companies.

The position in the Romanian top 10 represents the achievement of the objectives established by the shareholders for 2006 and reconfirms our status of the most important subsidiary of the Financial Group Banca TRANSILVANIA, Constantin JEICAN, President and General Manager of BT Asigurari declared.

In 2006, the amount of paid claims was RON 100 million (EUR 29.5 million). The liquidity coefficient, calculated according to the Insurance Supervisory Commission’s norms and applied from the 1st of January 2006, is 2.5 for the general insurances, comparing to 1.9 registered in 2005 ( the minimum value established through norms is 1) and 1.86 for life insurances comparing to 1.18 at the end of 2005.

The strategy for 2007 consists in exceeding the RON 300 million value of gross written premiums (equivalent to EUR 88.23 million), which means a 50% increase.

The shareholders appreciate the positive evolution
of the company, and the objective of 2007 is to quantify the ascension through a more important increase than that of market, Constantin JEICAN stated.

For BT Asigurari, 2006 meant a consolidation of its position in the Romanian top 10 as a result to the growth of both number of customers and business volume, after two years during which the company’s strategy was oriented towards the extension of sales network for retail and corporate segments.

PPF buys RAI Asigurari

PPF Group from Czech Republic purchased the whole shares package of RAI Asigurari. So, Daniel TUDOR, the ex President and General Director of RAI sold 47.4% of company. Also, Doina Anca TUDOR sold 20.71%, Maria TUDOR 20.62%, Alexandrina DUMITRU 7.5% and Aneta STAVARUS sold 3.77%.The transactions value remains confidential, Daniel TUDOR stated.

The RAI’s acquisition represents a way of entering on a special segment of the Romanian insurance market, which we consider a market with a real potential of development, the representatives of PPF Investments declared.

RAI, as a niche company, offers significant opportunities of development and creation of value, PPF’s officials explained.

At the same time, Daniel TUDOR gave up to the position held at RAI Asigurari, choosing a similar position at ARDAF.

Liliana SURDU is the new General Director of RAI.

Speculations on Romanian market appeared taking into account the pieces of information existing at the end of 2006 regarding the fact that PPF Investments was closed to signing an agreement for the acquisition of ARDAF.

RAI Asigurari was founded in 1992, being a company with Romanian-Belgium capital.

In 2006, the company underwrote RON 24.05 million gross written premiums, up 18% compared to the previous years results. RAI Asigurari was, after the first nine months 2006, the leader on travel insurances according to Insurance PROFILE Review.

Here come pensions!

The private pensions seem to get nearer, companies interested in the Pillar III prepare their files and legislation for the Pillar II might be ready sooner than we expected.

The Commission’s President explained that the enactment process will be accelerated because it is wanted that the first contributions to be made at the beginning of the next year.

Pillar II has been expected for a long time, this being the third attempt to enact it.

On the other hand, the companies started to finalize the files for Pillar III.The ING’s file for Pillar III is almost ready. So, we want to operate on this market and be a significant player, Bram BOON added.