KD Life - the first insurance company defeated by the crisis?

The Slovenian group KD Group denied, on Friday, rumors of bankruptcy of the Romanian subsidiary KD Life, circulated in the Romanian press, adding that it wants to focus on the businesses from more profitable regional markets.
"The continuation of the activity in Romania involves primarily a significant input of capital for a relatively small insurance market and, therefore, the company wants to reroute its capital to the markets where business is profitable", it says in the press release issued by the company.

KD Group also specifies the Insurance Supervisory Commission in Romania has been informed regarding this measure and that the final decision will be announced shortly.

Slovenian group says it wants to focus on markets with greater potential for developing its business, such as Slovenia or Croatia.
Remember that, according to market sources, KD Life employees were recently informed about the decision of the shareholders to dissolve the company, with the beginning of the procedure for voluntary liquidation.

A year ago, in February 2009, ISC had opened the financial recovery procedure of the company KD Life, because the solvency margin of the company was below the minimum requirements of the legislation in force for the safety fund, respectively the equivalent in RON of EUR 3.2 million. Financial recovery plan was subsequently approved by the ISC and the shareholders rose the KD Life capital three times in the first part of 2009, with a total sum of EUR 14.7 million.
Also, in October last year, they decided a further capital increase of RON 2.36 million, following that the capitalization of the company reached RON 40.85 million, the decision having been published in the Official Gazette.

KD Life, part of the Slovenian group KD, recorded, in the period January-June 2009, a volume of gross written premiums of EUR 0.92 million, a nominal decrease of 6% compared to the similar period of 2008, evolution caused mainly by exchange rate differences.

The financial group KD Group was founded in 1994, in Slovenia, and entered in Romania in the year 2004, through KD Investment and KD Capital, and then in 2006, through KD Life.

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