PPF asks for EUR 78 million for ARDAF and RAI
PPF Investments group intends to sell the two Romanian insurance companies,
ARDAF and RAI Asigurari, to the GENERALI PPF Holding.
The value PPF asks for this transaction heads up to EUR 78.6 million,
according to Hospodarske Noviny publication.
Czech investment group took over RAI Asigurari in February 2007 and
one month later, in March, PPF bought the majority stake in ARDAF,
through the Cyprus holding SABILE.
Although some sources from the market were more than sure about a near
future merger between the two Romanian insurers, it seems like the
Czechs had a change of plans.
In February 2008 GENERALI announced it has a takeover target, according
to Giovanni PERISSINOTTO, Co CEO of the Italian group, but this has
not been disclosed so far.
ARDAF has recorded gross written premiums of RON 170 million in 2007,
the losses reaching RON 36 million. The company has passed through
a restructuring and repositioning process during last years' period
which has also brought away the move of the headquarters of the company
from Cluj-Napoca to Bucharest.
In 2007 RAI Asigurari posted gross written premiums worth EUR 7.80
million, a 11.56% nominal growth in euro as compared to the 2006 results,
when premium income was about EUR 6.99 million.
Author: Mihaela CIRCU
on 24.03.2008
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