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XPRIMM News
XPRIMM News - THE ROMANIAN INSURANCE MARKET NEWSLETTER
No. 107, May 1st, 2008
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FIAR
INSURANCE PROFILE
  EDITORIAL


From market share to profit

The profit represents the essence of every business. Even though, the last years' stake of the struggles on the insurance market was the market share.

The Romanian companies were more interested in gaining bigger turnover, instead of profitability, in order to be higher in the acquisition wave. Why? A good reason is the fact that the price for 1 EUR of turnover reached almost 2 EUR in the ASIBAN-GROUPAMA case.

But the acquisition storm has finished. One by one, ASIROM, ARDAF, ASTRA, BT Asigurari, and, recently, ASIBAN and the insurance companies belonging to ERSTE Group have new owners.

After the recent movements, everybody is counting and summing market shares. Who is the new leader of the market? Who has the largest market share? What will be next? Is 1+1=2? The Top 10 targets have been sold out, and after the storm, the shareholders will obviously become interested in profit.

In this competition for profit the companies clearly advantaged will be those who do not focus only on market share or give up at this on behalf of profitability. Within a market where the profit is suffocated by the motor insurance and where many insurers have steamed losses or minimum profits it will be very interesting to notice what solutions will the companies adopt in their struggle for profit.

Therefore, everything has been sold. The runaway for market share is over. The fight for profitability is begging. Isn't it?

Alex ROSCA
Editor in Chief - PRIMM-Insurance&Pensions Magazine &
Insurance PROFILE Review

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BCR Asigurari de Viata
ASIBAN
ASIGEST

ASIGEST Agri

MICROSOFT
AUDATEX
WILLIS
ASIBAN
FADATA
EDITORIAL | INTERVIEW | TOP PRESS | CEE & CIS | FINANCIAL NEWS | EVENTS
 INTERVIEW

 

Interview with Mr. Serguei ZAITSEV
Associate Director
HANNOVER Re

XPRIMM: How was this renewal season for HANNOVER Re?
Serguei ZAITSEV:
Although the so called "hard" market had already passed its peak in 2007, reinsurance rates were on the adequate level in most cases. The sustained favourable state of the reinsurance market in non-life reinsurance had a positive effect on the development of HANNOVER Re's business. By using the selective underwriting principles we were able to generate profitable business. In general, we were satisfied with the course of non-life treaty renewals for the year 2008, too.

XPRIMM: How do you see the major development of the re/-insurance markets in CEE and CIS region?
S.Z.:
Central European countries, Russia and the CIS states offer a particularly large growth potential for (re)insurance business. These markets become, however, fiercely competitive. In past years HANNOVER Re has nevertheless been successful in consistently writing profitable business in the area. For the current 2008 financial year, too, we anticipate adequate reinsurance margins. HANNOVER Re ranks itself among the top 3 reinsurers in CEE and CIS countries and is well positioned with significant market share, especially with regard to non-proportional reinsurance which we would prefer to write.

XPRIMM: Taking into consideration the opportunities, what are the plans HANNOVER Re has made for this region in 2008?
S.Z.:
In CEE and CIS countries, HANNOVER Re is providing its clients with reinsurance capacity in all lines of business, including private, commercial and industrial property; business interruption and loss of profit; engineering; protection against natural perils; marine, land and air-going cargo; general third party liability, product liability, professional indemnity, employers' liability, medical malpractice, D&O; motor hull and motor third party liability; marine hull; aviation; agriculture risks; credit, bond, surety and political risks; terrorism; personal accident; life and health, etc.
HANNOVER Re maintains know-how and an infrastructure that enable us at any time and in all lines of business to both quote and lead any type of treaty and to assist our partners with pro-active and professional claims management. Furthermore, throughout all phases of the reinsurance market cycle we systematically identify niche markets and cultivate flexible and innovative solutions for our partners.

XPRIMM: What are the major opportunities and threats of the Romanian insurance market, one year after joining EU?
S.Z.:
The insurance market in Romania is growing very fast. Our expectation is that after joining EU the insurance services in this country will grow even faster than in the past. HANNOVER Re will participate in this development by doing good business with professionally operating insurance companies. For the time being, we do not see any particular threats.

XPRIMM: What is the HANNOVER Re' strategy in Romania in 2008?
S.Z.:
We are very much satisfied with the financial results of our reinsurance business in Romania. We are now in a more stronger position to serve our Romanian clients. We are open to further fruitful co-operation with ceding companies and brokers and especially committed to our loyal cedants which are able to merit the quality of HANNOVER Re's services provided to them. It means that for those clients who are willing to demonstrate their loyalty and long-term approach HANNOVER Re is prepared to extend its profitability criteria to a longer timeframe as a competitive advantage granted to our loyal partners. In the future we shall without any doubt continue to devote increased attention to Romania's insurance market.

XPRIMM: What are your expectations regarding the reinsurance demand in Romania for this year and for which lines of business do you think this demand would increase?
S.Z.:
In Romania, we would expect increased reinsurance demand in liability classes of business as well as in the reinsurance protection against natural perils. We would be happy to serve our existing clients with appropriate efficient reinsurance solutions. We would like to be of greater service to small and medium sized companies and would support new established ventures and niche players with our know-how and suitable reinsurance solution.
The rating agencies Standard & Poor's and A.M. Best have awarded HANNOVER Re above-average ratings of "AA-" (very strong) and "A" (excellent) respectively. This means that our cedants can rely upon our financial strength and excellent ability to pay their claims from a long-term perspective.

XPRIMM: Thank you!

by Andreea IONETE

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Serguei ZAITSEV
Mr. Serguei ZAITSEV
Associate Director
HANNOVER Re

MEDICOVER
EDITORIAL | INTERVIEW | TOP PRESS | CEE & CIS | FINANCIAL NEWS | EVENTS
 TOP PRESS

PartnerRe expects growth of the reinsurance demand in Romania
PartnerRe, an extremely active reinsurance company in CEE, estimates a continuous growth for the reinsurance demand in Romania given the expected growth in insurance penetration.
"Romania is a Cat-prone market. With the expected growth in insurance penetration and values, we can expect further concentration of Cat exposures in certain peak zones. This will of course continue to stimulate demand for reinsurance", Emmanuel CLARKE, Head of Property & Casualty, PartnerRe, has declared for XPRIMM Publications.
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by andreea.ionete@mxp.ro, 16.04.2008


UE will give its verdict for ERSTE - VIG deal by 3rd of June
The deal through which ERSTE Bank sold its Central and Eastern European insurance operations to VIENNA Insurance Group (VIG) will have a verdict from the Directorate General for Competition of the European Commission by 3rd of June, according to Forbes citing Thompson Financial.
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by mihai.bobocea@mxp.ro, 25.04.2008


CNPAS: Collection for the 2nd pillar will start May the 20th
The first contributions will be paid to mandatory pension funds (2nd pillar) on the exact date of May the 20th this year, Mariana CAMPEANU, president of the National House of Pensions (CNPAS) told www.pensiileprivate.ro.
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by mihai.bobocea@mxp.ro, 16.04.2008


Romanian insurance industry consulted and informed concerning Solvency II
Local insurance industry representatives participated on 23rd of April at a QIS4 workshop organized in Bucharest by the Comitee Europeen des Assurances (CEA) and UNSAR (The National Association of Insurance and Reinsurance Companies from Romania) being at the same time informed and consulted over the future introduction of Solvency II.
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by mihai.bobocea@mxp.ro, 23.04.2008


SOCGEN invests over 7.5 million EUR in BRD Asigurari de Viata
The French financial group SOCIETE GENERALE will invest for starters EUR 7.5 million in BRD Asigurari de Viata, which is in the intentions of being lunched on the Romanian market untill the end of this year, Damien MARECHAL, The General Director of BRD Fond de Pensii quoted by MEDIAFAX, has declared.
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by mihai.bobocea@mxp.ro, 18.04.2008


GROUPAMA has green light for overtaking OTP Garancia
The European Commission has announced the overtaking of the Hungarian insurer OTP Garancia by the French group GROUPAMA. According to the European Commission, the transaction will not affect in an important way the competition on the European market.
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by mihaela.circu@mxp.ro, 17.04.2008


The motor insurance have exceeded 1.25 billion EUR
EUR 1.25 billion (RON 4.17 billion) represents the value of the underwritings achieved from motor insurance (CASCO, MTPL and Green Card) in the financial year 2007 by the insurance companies that activate on this specific market.
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by mihaela.circu@mxp.ro, 15.04.2008


Top pension brokers in 2nd pillar
BROKERPOOL Cluj, FINCOP and SALVE CLUB are the three largest mandatory pension (2nd pillar) brokers, having totaled almost 520,000 adhesions in the four months campaign between September and January (before the lottery), according to data sent by CSSPP to www.pensiileprivate.ro. After this direct sales campaign, the total number of participants was 3,991,032.
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by mihai.bobocea@mxp.ro, 14.04.2008


Finance Ministry: We will develop the T-bonds market for the pension funds
The Ministry of Finance said it would develop the T-bills and T-bonds market, through the issue of new maturities for these bonds (15 years or even more) and even some CPI-indexed bonds. Also, the internal market would be preferred for the issue of debt instruments, and T-bonds will be the most frequent instrument, the Finance Ministry said in its strategy for public debt management in 2008-2010.
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by mihai.bobocea@mxp.ro, 24.04.2008


ASITRANS-EUROINS goes on the health insurance market
ASITRANS-EUROINS will lunch, next month, a facultative health insurance policy. This measure is part of the company's strategy launched in 2004, to enter a new line of business each year.
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by vlad.boldijar@mxp.ro, 14.04.2008


OMNIASIG gained double profit in 2007
OMNIASIG Vienna Insurance Group has registered in 2007 a growth of the total income volume of 65% by comparison with the previous year. Therefore, the value of the underwritings in 2007 has risen to RON 884 million, by comparison to RON 536 million, in 2006.
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by mihaela.circu@mxp.ro, 11.04.2008


The voluntary pensions market: 68% corporate, 32% retail
Almost 68% of the participants in voluntary pension funds (3rd pillar) have this membership as part of their bonus and benefits package from their employer, according to some market research by www.pensiileprivate.ro, based on data provided by pension companies for the end of March.
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by mihai.bobocea@mxp.ro, 23.04.2008


CLAL Insurance, close to seling a 50% package
CLAL Insurance company, which entered the local market at the end of 2006, is close to finalize the sale process of a package of 50% of its operations in Romania, for a price that equals the investment made, to a company whose name remains unknown for the moment, according to the Israeli publication GLOBES.
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by mihai.bobocea@mxp.ro, 22.04.2008


MARFIN and ZEPTER exit the mandatory pensions market
MARFIN and ZEPTER, two of the smallest mandatory pensions companies on the local market, with a total of 1,843 participants, requested the withdrawal of license by the CSSPP during the last two weeks. The first company to file for the withdrawal of the authorization license was MARFIN Fond de Pensii, the smallest pension company on the market, with only 194 participants.
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by mihai.bobocea@mxp.ro, 23.04.2008


MILLIMAN actuaries will open an office in Bucharest on 9th of June
US actuarial consultancy company MILLIMAN will open an office in Bucharest on 9th of July, all preparations being now in course, according to Adrian ALLOTT, Senior Consultant within the future local office and also President of the Romanian Actuarial Association.
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by mihai.bobocea@mxp.ro, 24.04.2008

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 CEE & CIS


Foreign investors interested in expanding on Russian insurance market
The completion of negotiations about Russia's WTO entry is prompting foreign insurers, especially Europeans, to enter the Russian insurance market. As of December 31, 2007, there were 80 companies with foreign capital in Russia, accounting for 25% of the market premiums. A year before, there were only 70 with the aggregate share of 17%, Yana MIROSHICHENKO, Director of the Department for Strategic Analysis of Financial Markets at the audit company MARILLION, said on April 22. Earlier, MIROSHICHENKO was deputy head of the department for accounting and economic analysis of the Federal Service for Insurance Supervision (FSIS).
According to FSIS, as of January 1, 2008, total authorized capital of Russian insurers came to EUR 4.2 billion, 2.9% up compared with the previous year. Foreign capital rose more than two times, accounting for 9.9% of the total authorized capital, or EUR 423.1 million. As of January 1, 2007, aggregate authorized capital of Russian insurance companies amounted to EUR 4.1 billion, foreign capital - to EUR 176.3 million (4.3% of total authorized capital).
MIROSHICHENKO described three possible scenarios of the role foreign companies may play in the Russian insurance market in the next three years.
According to the first scenario, the 25% limit on foreign capital may be exhausted as early as at the end of 2009 if foreign investors continue to show interest in the Russian insurance industry. If the scenario plays out, the share of foreign capital in the market will reach 19.5% as of January 1, 2009 and 27.5% as of January 1, 2010.
The second scenario will be realized if FSIS gradually withdraws licenses of the companies involved in pseudo-insurance operations and the pace of entry of foreigners is moderate. As a result, the share of foreign capital will be 16.7% as of January 1, 2009, 23.1% as of January 1, 2010 and 25.9% at the end of the year 2010. "This means that the Russian market becomes closed for foreign investors by year- end 2010", noted MIROSHICHENKO who holds this scenario as the most possible one.
The third scenario involves an insignificant decrease in the number of insurers with Russian capital and low interest of foreigners in the Russian market. If the scenario plays out, the share of foreign capital will be 21.9% at the beginning of 2009 and 24.1% as of December 31, 2010.
In addition, MIROSHICHENKO expressed her opinion about the further increase in authorized capitals of Russian insurers. "Their capitals are likely to grow mainly thanks to foreign investors. Internal capitalization reserves of the industry aren't large", she said. She also added that the insurance industry can't compete in returns from capital investments with other financial segments.
MARILLION's experts pointed out that non-residents prefer to acquire insurers that already have licenses for writing business in Russia, rather than go greenfield. In 2007, foreign investors established 8 insurance companies with an aggregate capital of EUR 14.6 million. In the same year they acquired 15 existing insurers with a total capital of about EUR 211.5 million.
By RP Newsline, 25.04.2008


KD Life enters Croatian life insurance market
After the Croatian Financial Services Supervisory Agency (HANFA) clears its founding, KD Zivotno Osiguranje d.d., a subsidiary of Slovenia-based insurer KD Life, will become the third Slovenian insurance company at the Croatian life insurance market.
HANFA has also granted approval to KD Life and to Holding to acquire more than 50% and more than 33% in the initial capital of the KD Zivotno osiguranje d.d. respectively.
The first CEO of the new company will be Neven TISMA, former board member in ALLIANZ Zagreb.
KD Life is being founded by Ljubljana-based KD Zivljenje, member of KD Group, following the trail of TRIGLAV and VELEBIT, according to Croatia Today Agency.
KD Zivljenje CEO Matija SENK says their arrival to the Croatian market was expected since two members of the KD Group are already present in the country. Last year KD Zivljenje's premium in Slovenia reached EUR 57.6 million, with the market share of 11.8 percent. It has also branches in Romania, Slovakia, the Czech Republic, Bulgaria and the Ukraine.
by oleg.doronceanu@mxp.ro 22.04.2007


GENERALI, to launch reinsurance business in Bulgaria
GENERALI, one of the leading European insurance group will launch a reinsurance business in Bulgaria that will cover the Central and Eastern Europe, according to news portal DNEVNIK, that stated Daniela KONOVA, Chairperson of the managing board of GENERALI Bulgaria Holding.
Work is in progress on the documents necessary to secure a reinsurance license for the new company, said the company official.
Bulgaria's conducive tax policy gave the country the edge when the center of the GENERALI regional reinsurance business was being selected, said KONOVA.
The licensing procedure could last up to four months. 'We hope to get there in three,' added official.
The selection of Bulgaria to host the GENERALI regional center means an additional turnover of close to EUR 1 billion, Prime Minister Sergei STANISHEV said in connection with the news on the Bulgarian National Television.
Through GENERALI Bulgaria Holding, GENERALI PPF Holding, which has operations in 12 Central and East European countries, owns 99% in GENERALI Insurance, 99% in GENERALI Life Insurance and 77.5% in GENERALI Zakrila Health Insurance.
by oleg.doronceanu@mxp.ro, 29.04.2008


30% growth for the insurance market of Ukraine in 2008
Positive dynamics of the insurance market of Ukraine, reached in 2007, will be kept also in 2008, according to League of the Insurance Organizations of Ukraine forecasts (LSOU).
According to the State Commission for Regulation of Financial Services Markets of Ukraine, in 2007 local insurers have collected more than EUR 2.2 billion, 30,2 % up compared with the previous year.
Life insurance segment was the most dynamic, with total insurance payments of EUR 99.7 million (growth by 73,9 %).
"It is indicative, that by January, 1st, 2008 in Ukraine under contracts of life insurance were insured more than 2.84 million person, and almost 660 thousand were insured in 2007. It testifies the growth of popularity of the life insurance which is dominating all over the world. LSOU constantly studies world experience of development of insurance and in the European practice almost 80 % of pensions are provided by life insurance companies", Alexander FILONIYK, President of the LSOU, has declared.
Besides that, the MTPL premium have increased for 67,9%, on insurance of medical charges - 74,3 %, credit risks - 58,6 %, thus, the amount of net premiums (without taking into account reinsurance) has made almost EUR 1.4 billion (growth on 32,1 %). Insurance payments have considerably increased also. In 2007, they have exceeded EUR 534.2 million, increasing by 62, 1 %, as compared with 2006, thus, the level of total insurance claims to the collected premiums has grown up to 23,4 % (18,8 % in 2006 and14,7 % in 2005).
For 2007 there have been concluded almost 600 million insurance contracts, from which 12, 3 million - on the retail segment, that generated EUR 657.6 million. "This is a very important parameter for the insurance market, it shows the trust of the population in the insurance services ", added FILONIYK.
by mihaela.circu@mxp.ro 28.04.2008


TRIGLAV has confirmed its participation in NLB privatization
Zavarovalnica TRIGLAV, Slovenia's largest insurer, endorsed the company's participation in the share capital increase of NLB, Slovenia's top bank, according to SLOVENE Press Agency.
TRIGLAV, already a minority shareholder in NLB, will contribute EUR 55.3 million to maintain its stake in the bank.
The shareholders of NLB have decided to increase the bank's capital in January 2008 by issuing 898,204 thousand of new shares at a price of EUR 334 per share. The total value of the new shares amounts to EUR 300 million. The subscription of new shares by existing shareholders will take place between 17 and 30 April.
The Slovenian state decided to invest EUR 106.2 million in the share capital increase. Apart from TRIGLAV's stake, the government will provide EUR 34.5 million from the budget, while the state-owned DSU management and consultancy enterprise will chip in with the remaining EUR 16.3 million.
The largest owner of the NLB is the Slovenian government, which holds a 45.47% stake (together with the state-run KAD and SOD funds). Belgian banking and insurance group KBC, which said it would not take part in the capitalization, holds 34%, but its stake is expected to shrink to 27%.
The existing shareholders will be able to buy the new shares until April 30th at EUR 334 per share, 2.48 - times the book value as at March 31st.
If the existing shareholders fail to grab up the entire issue by April 30th at 1 PM, the shares will be offered to the public between 9 May and 29 May until 1 PM.
A potential third round of bidding, which would take place between 10 and 16 June by 1 PM, is meant for institutional investors. The EUR 300 million issue will increase the bank's share capital by 11.2%.
by andreea.ionete@mxp.ro, 24.04.2004


SAVA Re intends to IPO in end-April
Slovenian reinsurer SAVA Re and its majority owner, the state-run Restitution Fund (SOD), intend to publish an initial public offering (IPO) for SAVA Re in late April.
Reinsurer's shareholders endorsed a EUR16.405 million capital increase from EUR32.81 million to EUR49.215 million in the next five years as they met at an annual general meeting in Ljubljana. SAVA Re was allowed to issue up to 3.93 million new shares.
The IPO will include Sava's existing shares as well as those offered by the reinsurer as part of its share capital increase, Slovene Press Agency reports.
SOD has no intention to take part in the share capital increase and plans to keep at least 25% plus one stake in the company. Chairman of SAVA Re, Dusan CEC was upbeat regarding the capital increase, also because the reinsurer was successfully acquiring stakes in insurance companies in the Western Balkans.
The company is therefore in "a good place to be sold to the public", he said. SOD director Marko POGACNIK added that the IPO represented a positive development for the reinsurer and the fund.
The bid is expected to run from 26 April to 6 May for private investors and companies and between 26 April and 9 May for existing shareholders.
State-run Restitution Fund SOD controls 99.9% of SAVA Re's shares. In 2007, reinsurer have wrote EUR118.540 million in premiums and paid EUR70.359 million in claims.
by vlad.panciu@mxp.ro, 25.04.2008

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 FINANCIAL NEWS

BCR group profit up 82.4 percent in Q1
Romania's largest lender Romanian Commercial Bank (BCR), owned by Austrian group ERSTE, registered 82.4 percent increase in profit after taxes and minority interest payment, in the first quarter of 2008, up to RON 382.74 million (EUR 103.6 million), due to higher incomes from interests and fees. During January-March 2007, BCR group posted net profit worth RON 209.8 million (EUR 62 million). Net incomes from interests increased by 63.2 percent, up to RON 684.59 million (EUR 185.2 million), while net incomes from fees amounted to RON 248.35 million (EUR 67.2 million), 61.9 percent higher year-on-year.
BCR group's assets increased by 2 percent between December 2007 and March 2008, up to RON 64.6 billion (EUR 17.3 billion), as operational income advance (45.8 percent) was significantly higher than administrative expenses (6.87 percent).
The loan volume reached RON 41.05 billion (EUR 11.23 billion) by the end of March, 4.2 percent higher on December 2007.
by costi.boroda@mxp.ro, 1.05.2008


Romania, the only country in the EU with higher GDP estimates in 2008
The European Commission (EC) has improved estimations for Romania's economic growth this year by 0.3 percentage points, up to 6.2 percent. Meanwhile, the National Prognosis Commission (CNP) maintained its economic growth estimates to 6.5 percent.
Romania is the only country in the European Union with improved estimations for economic growth. Furthermore, the EC is the only international institution to improve estimation for Romanian economy lately. The International Monetary Fund (IMF) recently estimated and advance of 5.4 percent for Romania's GDP.
Local analysts are skeptical regarding evaluations and estimates made by international institutions. "I would like to see whether IMF estimations come true in one year. This is not the first time when international financial institutions show more than pessimistic data about Romania, data that are proven unreal afterwards", said the Chief Economist of Romanian Commercial Bank, the largest local lender, Lucian ANGHEL.
by standard.ro, 29.04.2008


The Economist: Romania might economically outrun Italy by 2020
Romania might outrun Italy in economic terms, by 2020, if current Italian tendencies will remain unchanged, The Economist informs in its electronic edition in an analysis on Italy after legislative elections won by Berlusconi. In 2006, Italy was surpassed by Spain and next year it could be surpassed by Greece. LSE Economics Dr. Francesco GRILLO suggests that if Italy's economy remains unchanged, Romania has every chance to outrun it.
Italy's future depends a lot on the economic path to be chosen by Berlusconi, the Economist analysis argues. Moreover, the analysis takes into account the IMF estimations recently published which shows a decrease in the Italian economic development rate for 2008 and 2009. According to IMF predictions, Italy will have the lowest economic growth rhythm in the G8.
In the euro zone, Italy has every chance to enter recession in the upcoming 12 months. After 12 years, Italy is for the same time below the average of the 27 member states, the Economist notes. Plus, The Economist analysis is skeptical that Berlusconi will push for Liberal reforms.
by hotnews.ro, 29.04.2008


Romania, most attractive destination for investments in South East Europe
Romania is the most attractive destination for South East European investments, as it triggers the attention of investments with added value, an ERNST & YOUNG report shows. Thus, 52% of potential investors interviewed within the study indicate that Romania is an attractive destination, as compared with Turkey which received 50% and Bulgaria with 40% of votes.
Other countries in the top five are Greece with 31%, Croatia 28% and Serbia with 19%. ERNST&YOUNG Senior Manager Fabrice REYNAUD said that Romania lost some ground as compared to the previous study. Most investors consider Romania attractive for its low labor costs, varied available skills on the market and its prospects of productivity growth.
Moreover, Romania is ranked first in the regional top due to the high number of foreign direct investments present in the country: some 149 projects in 2006-2007. Romania is closely followed by Serbia with 63 projects, Bulgarian with 60 and Turkey with 40 projects. In terms of the value of the projects, Turkey is ranked first where FDI's totaled 14.9 billion EUR while Romanian projects amount to 7.06 billion EUR.
by hotnews.ro, 29.04.2008

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EDITORIAL | INTERVIEW | TOP PRESS | CEE & CIS | FINANCIAL NEWS | EVENTS
 EVENTS



FIAR - International Insurance-Reinsurance Forum
May 19-23, 2008
Sinaia, Romania
Organizer: Media XPRIMM
Details: www.fiar.ro


II International Conference "Insurance in Central Asia"
May 26-27, 2008
Almaty, Kazakhstan
Organizer: RUSSIAN Polis Information Group
Media Partner: PRIMM Magazine - Insurance&Pensions
Details: www.in-sure.ru


Sopot Summer Insurance and Reinsurance Days 2008
June 16-18, 2008
Sopot, Poland
Organizer: RESOURCE
Media Partner: PRIMM Magazine - Insurance&Pensions
Details: www.resource.org.pl


Life Insurance Securitisation Conference
September 17th-18th, 2008
London, Great Britain
Organizer: JACOB FLEMING Conferences
Media Partner: PRIMM Magazine - Insurance&Pensions
Details: www.jacobfleming.com

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FIAR

 

XPRIMM Newsletters

THE EDITORIAL STAFF:

President: Sergiu COSTACHE CEO: Adriana PANCIU
Business Development Director: Alexandru D. CIUNCAN

Editor in Chief: Mihaela CIRCU
Scientific Advisor: Daniela GHETU
International Column Coordinator: Andreea IONETE
Private Pensions Coordinator: Mihai BOBOCEA
Senior Editors: Vlad PANCIU, Oleg DORONCEANU
Editors: Vlad BOLDIJAR, Oana NECULA
Web Responsible: Costi BORODA

General Secretary: Lidia POP

Accounts Manager: Georgiana OPREA
IT Department: Octavian GRIGOR, Dorin PALADE

Edition Responsible: Mihaela CIRCU
e-mail:  xprimm@primm.ro

PUBLISHED BY: Media XPRIMM


Reproduction or use without permission of editorial or graphic content, in any manner, is prohibited. The Editorial Staff is not responsible for the truthfulness or the accuracy of the presented data. The Editorial Staff has the right to present the data in it's own manner. In what concerns the use, in any manner, of the information contained in this e-mail, Romanian laws apply.

Copyright©2008 MEDIA XPRIMM

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