ROSGOSSTRAKH has purchased Moldavian Insurer MOLSDASIG
Russian-based insurance company ROSGOSSTRAKH, one of the leaders on
the Russian and CIS markets, has purchased recently 80% in the authorized
capital of the MOLDASIG, the main player on the Moldavian insurance
market. Transaction has been made through acquisition of the additional
issue of shares totalized 3 mil. EUR, following the decision of MOLDASIG
shareholders to increase authorized capital five times, from EUR 750
thousand to EUR 3,7 million.
The deal was concluded by ROSGOSSTRAKH subsidiary LINEKERS, founded
recently in Cyprus, especially for this acquisition, according to Russian
insurer expanding strategy on foreign markets.
"The negotiations with Russian investors are still in progress and will
be finalized at the end of May", MOLDASIG's officials declared for XPRIMM
ROSGOSSTRAKH is the fifth foreign investor on the local market, after
Australian Group QBE, that purchased ASITO in 1998 and sold it's business
last year; Austrian Group GRAWE, which acquired life insurer DONARIS
and a majority stake in CARAT Insurance Company; Ukrainian Group UNIVERSALNA
became the sole owner of ASCARGO and Romanian DELTA Asigurari bought
SERVASIG, in 2007, renamed later in IPB DELTA Asigurari.
MOLDASIG was founded in 2002, and due to his important shareholders,
as Banca de Economii (one the most important bank in Moldova), Calea
Ferata din Moldova (the Moldavian Railways) and Posta Moldovei (the
Post of Moldova) quickly became the leader on the market, pointing
a market share of 30,1% in 2007. The company wrote in the same period
EUR 13.6 million in premiums, up by 57% compared to the equivalent
period a year ago, and paid EUR 3 million in claims. Insurance reserves
totalized EUR 8 million, assets - EUR 11.7 million.
MOLDASIG has 10 representative offices across Moldova and more that
by email@example.com, 7.05.2007
KBC sells its stake in NLB
Belgian bank and insurance group KBC is selling its 34% stake in NOVA
Ljubljanska Banka (NLB) and the divestment of KBC's 50% stake in
NLB Vita, a life insurance joint venture with NLB, Belgian group
announced on April 30.
KBC decided to sell its participation in NLB after its unsuccessful
attempt to acquire a major ownership share in the bank, and will become
a purely financial investor in NLB. Tender was opened, and the new
partner will be selected in collaboration with the Slovenian Government.
"The aim of KBC and the Slovene government is to organize an orderly, efficient
and transparent tender process led by KBC, so that the most suitable new partner
for NLB can be selected in mutual consent between KBC and the Republic of Slovenia" Andre
BERGEN, CEO, KBC Group, stated.
Slovenian Government, controlling 25% and one share, ensured for the
major share in NLB to remain in Slovenian ownership. However, the Finance
Ministry expressed its regret for KBC's withdrawal from NLB ownership
structure, according to REUTERS.
KBC has appointed U.S. investment bank Goldman SACHS to assist in the
The NLB Group is the largest financial group in Slovenia and an increasingly
important player in South-East Europe. It is present in 17 countries,
employs more than 8 000 staff and caters for 4 million customers.
In 2007, NLB contributed EUR 48 million to the KBC group's profit and
NLB VITA contributed EUR 0.6 million.
NLB's current shareholder structure is as follows: 35.41% is held by
the Republic of Slovenia, 34.00% by KBC Bank NV, 5.05% by SLOVENSKA
Odskodninska Druzba, d.d., 5.01% by KAPITALSKA druzba, d.d., 5.00%
by the EBRD and 15.53% by other shareholders.
KBC is the second largest bancassurer in Belgium and a top financial
player in Central and Eastern Europe. The group is present in more
than 30 countries worldwide, employs 57,000 staff and caters for 12
by firstname.lastname@example.org, 12.05.2007
BENFIELD launched an earthquake loss model in Kazakhstan
BENFIELD Group, one of the world's leading independent reinsurance
and risk intermediary brokers, announced the launch of a fully probabilistic
earthquake loss model for Kazakhstan, Business Insurance reported
GAPQuake Kazakhstan, developed by the BENFIELD ReMetrics Natural Hazards
team in Prague, Czech Republic, and London, is the latest addition
to the firm's regional modeling tools.
The tools, under the GAP (Geographical Analysis Project) brand, helps
customers to better quantify the risk to their insured portfolios from
specific natural perils.
"The model will help our customers obtain a better understanding of the
earthquake exposures, which are part of their Kazakhstan property insurance portfolios
and enable them to optimize their catastrophe reinsurance buying", Bruce
SELBY BENNETT, head of the Central & Eastern Europe and Commonwealth of Independent
States team at BENFIELD, said.
The model uses historical data provided by Kazakhstan scientific institutions,
and recently published scientific papers and maps to assess accumulation
losses, and estimate the technical price of different reinsurance structures.
Kazakhstan is part of the most seismically active zones in Central
Asia. Several strong earthquakes have occurred in Kazakhstan during
the last two hundred years, four of which had magnitudes ranging from
7 to 8.5. The country's largest industrial centers, Almaty, Taraz and
Shymkent, are all situated in regions with a high level of seismic
by email@example.com, 14.05.2008
Storm Damage pointed EUR 32.2 million and growing in Georgia
Severe weather across Georgia over the last weekend caused more than
EUR 32.2 million in insured property damage, with more than 6,000
homes damaged, Georgia Insurance and Safety Fire Commissioner John
W. OXENDINE declared on Tuesday.
"That figure may rise as new claims are reported. I've been commissioner
for 14 years, and I don't recall ever seeing damage spread across the whole state
like this", OXENDINE said.
The Commissioner sent consumer service personnel to storm-damaged communities
on May 12 to get a first-hand look and to offer help to affected citizens.
"I've directed my staff to make every effort to work with consumers and
help them through this difficult time", OXENDINE noted, quoted by Insurance
At least six tornadoes touched down in Georgia and are blamed for two
deaths. The Georgia storms were part of a larger storm system that
ravaged areas from Oklahoma to the Atlantic coast.
by firstname.lastname@example.org, 14.05.2008
The brokerage commission rose 25.2% in Bulgaria
Bulgarian insurance companies received a EUR 205.4 million premium
income through brokers, up by 49.64% compared to the same period
a year ago, according to the Bulgarian Financial Supervision Commission.
Non-life insurance premium income received through brokers amounted
to EUR 189 million. Life premiums came to EUR 16.4 million.
At the same time, the brokerage commission in the accounting period
totaled EUR 51.7% million (25.2%).
In 2007, the number of insurance brokers operating in Bulgaria increased
from 187 to 221. The top ten brokers generated a premium income of
EUR 92.4 million, accounting for 44.99% of total premium income received
by the brokers.
MARSH was the leading insurance broker in the marker in 2007. However,
the company's share fell from 12.84%, in 2006, to 7.51% in 2007. At
the same time, RAIFFEISEN Insurance Broker increased its share from
2.72% to 7.29% and ranked second. Just as in 2006, third best was I
AND G Insurance Brokers with the market share of 6.21%.
by RP Newsline, 6.05.2008
Russian Insurance Market grew by 20.2% in Q1 2008
The Russian insurers wrote EUR 6.2 billion in premiums, up by 20.2%
compared to the equivalent period a year ago and paid EUR 3.4 billion
in claims, a rise by 28.9%, according to Olga FEDOSEYEVA, Head of
the Accounting and Economic Analytics Department of the Federal Service
for Insurance Supervision (FSIS).
As of March 31, 2008, there were 842 insurance organizations registered
in the Unified State Register of Insurers. The FSIS generalized the
Q1 2008 online results received from 786 insurers.
According to FEDOSEYEVA, 110 insurance companies accounted for 90%
of total premium income in the Russian insurance market, and 99 insurers
- for 92% of total claims paid.
In the reported period, the Russian insurers wrote EUR 3.4 billion
in voluntary premiums, up by 117.4% compared to 2007. Property business
accounted for 31.8% of the companies' total voluntary insurance premium
income, personal insurance - for 19.3%, liability and life - for 2.4%
and 1.7%, respectively.
Income from the obligatory lines rose 123.8% to EUR 2.7billion. Mandatory
health business accounted for 34.5% of total obligatory premium income.
The proportion of compulsory MTPL insurance was 7.4%.
In the near future, the FSIS plans to review the rates and claims paid
in the compulsory MTPL segment, FEDOSEYEVA noted. The study will be
based on the information provided by market players and is scheduled
to complete by the autumn of 2008.
Compared to the first quarter of 2007, the number of life insurers
decreased from 129 to 93. According to the FSIS, the top three companies
writing life insurance were AIG Life, RUSSIAN Standard Insurance and
by RP Newsline, 12.05.2008
SAVA Re IPO to begin next week
The state-run Restitution Fund (SOD) has received the green light from
the Securities Market Agency, Slovenia's stock market regulator,
for the initial public offering (IPO) of reinsurer SAVA Re, according
to Slovene Press Agency.
The price for a single share is to range between EUR 28 and EUR 38,
has declared Marko POGACNIK, Director, SOD.
Subscription will start on May 13 and close on 22 May for small investors,
who will be able to buy up to EUR 30,000-worth of shares each. Well-informed
investors will have time from Saturday until 23 May.
The shares will be offered for sale in branches of UNICREDIT and NKBM
banks, and in selected offices of Posta Slovenije. Existing shareholders
of SAVA Re will meanwhile be able to buy new shares at the ceiling
price of EUR 38 apiece between Saturday and 26 May, when the final
price for the share is also to be set.
SOD is planning to sell just over 7 million of its shares in the Slovenian
company. This will be topped by another 1.5 million of new shares the
reinsurer plans to issue as part of a capital increase. Also, SOD wants
to retain 25% plus 1 share in the SAVA Re after the IPO.
State-run Restitution Fund SOD controls 99.9% of SAVA Re's shares.
In 2007, the reinsurer has written EUR 118.540 million in premiums
and paid EUR 70.359 million in claims.
by email@example.com, 13.05.2008