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XPRIMM News - THE ROMANIAN INSURANCE MARKET NEWSLETTER
No. 111, July 3rd, 2008
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INSURANCE PROFILE
  EDITORIAL


Profit from motor insurance or the Polish experience

Is it possible to obtain profit from the motor insurance lines? No way... This would be the response to this question given by those who operate on the Romanian insurance market.

Thus, the losses of over EUR 75 million recorded by the insurance industry in 2007 are attributed, especially, to the increased claims on the motor line of business. In a market where motor insurance represents over 50% of the underwritings, everybody is looking for solutions for reducing the claims ratio, is blaming the Romanian people mentality, is developing portfolio diversifying strategies, but the hope for profitability is far away...

In order to prove the opposite, let's analyze the Polish experience, especially the PZU model...

What are the similarities between the Poland leader, PZU, who recently announced the entry in Romania, and our market? Besides an important share on the motor line of business, both have surpassed in 2007 the psychological milestone of one billion EUR: the Romanian market in claims, PZU in profit.

With a market share of over 34.9%, PZU is dominating the Polish market for more than 200 years. But lately, the Group share has decreased with over 30%. Through the two specialized companies, PZU has written in 2007 premiums of over EUR 4.5 billion, from which the non-life division contributed with EUR 2.39 billion. The profit obtained by the Polish giant, in fact the largest financial group from Central and Eastern Europe, of over EUR 1 billion, surpassed every expectation. EUR 425 million were made only by the general insurance company, where the motor line of business represents 68% of the underwritings.

Some specifications have to be made... The claims ratio recorded by PZU has grown in 2007 with 7.5%, reaching 64.6%... The problems that worry the Group representatives are similar with the Romanian ones: increasing costs in the services, internal and external frauds, a undeveloped infrastructure, a devious traffic behavior... But if we analyze the financial results, the answer is so clear: we can obtain profit from the motor insurance.

And if it is possible in their case, why would not be possible in our country? We remain optimistic and we wait for the moment when we will announce the moment when a company will obtain profit from the motor lines of business...

by mihaela.circu@mxp.ro

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BCR Asigurari de Viata
ASIBAN
ASIGEST

ASIGEST Agri

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

 

Interview with Dr. Gunter GEYER
CEO
VIENNA Insurance Group

XPRIMM: VIENNA Insurance Group is now the biggest investor on the Romanian insurance market. Taking this into consideration, are you still looking for other local acquisitions?
Dr. Gunter GEYER:
Romania is a fascinating country and has one of the fastest growing economies in the CEE-region. This fact also brings the need for modern insurance solutions for companies and of course private persons. The Vienna Insurance Group is one of the leading insurance groups in CEE and a top-player in markets like Romania. We have a clear strategy of partnership and are long term investors in the CEE countries. Our strategy is dual, so we look for suitable acquisitions and also develop a strong organic growth for our development on the local markets. Selective acquisitions in Poland, Hungary and the Ukraine are possible and we always aim to develop and our business in the whole region.

XPRIMM: What is VIG's strategy regarding BCR Asigurari and BCR Asigurari de Viata?
Dr. Gunter GEYER:
With the general distribution agreement with ERSTE Bank we can promote life-insurance much better on the Romanian market. This agreement has a duration of 15 years and - if both partners agree - can be extended for another 10 year-period. Our customers have the advantage of a combined product offering and can benefit from the close cooperation of Vienna Insurance Group and Erste Bank.

XPRIMM: Are you planning to merge all/some of the companies owned in Romania by VIG or will you continue developing your business according to the multi-brand-strategy applied until now?
Dr. Gunter GEYER:
We see our Group as a family, in which each Group company has its own brand as a given name and the Group brand Vienna Insurance Group as a family name. The given name stands for proximity to customers and local competence. The strong local brands are supported by the financial stability and security of one of the leading insurance groups in CEE. Within the group we act like partners, respecting each other. Furthermore we have a know-how transfer within the group, which allows us to tap the full potential on the markets. We also plan to utilize the synergy potentials within Vienna Insurance Group in Romania.
We strongly trust in the market-knowledge and leadership capabilities of the local management.

XPRIMM: ASIROM has become part of the Group earlier this year and there has just been launched a rebranding campaign. What are the Group's plans regarding ASIROM?
Dr. Gunter GEYER:
There will not be changes in the basic structure of the company. Within the natural and logic development of ASIROM a new software-solution will be implemented, some areas will be reorganised to optimize the workflow and we are planning to bring the regional casualty-centres of ASIROM and OMNIASIG together. To sum up, we do not intend to reorganize the companies we own in Romania, yet, in some areas like the back-office department I believe there are some synergies we could exploit.

XPRIMM: Which were the arguments for the acquisition of ASIROM?
Dr. Gunter GEYER:
ASIROM is a very successful company and had a significant positive development in the last years. With written premium of approx. 170 million EUR the company achieved a plus of 7.5 percent. We see this development continuing in the first quarter this year. The nationwide presence with nearly 200 offices and a strong sales force will foster this trend. In consideration of expansion activities in CEE the Vienna Insurance Group focuses on intensive market observation und early acquisition. We entered the Romanian market in 2001 and are now well positioned to meet the future competition.

XPRIMM: Will the current management teams (of insurance companies owned by VIG in Romania) remain with their respective companies in the following year?
Dr. Gunter GEYER:
At the moment no changes are planned. As I mentioned, we trust in the local management and their responsibility for sales and customer service. They have the best knowledge of the special needs of a specific local market. This allows them to adapt optimally to local market condition and ensures that customer relationships can be built up. All the strategic decisions of the local companies are made in close cooperation with the executive board of the Group.

XPRIMM: OMNIASIG is now one of the biggest and most well-known companies in the market. How would you rate this development and what expectation do you have for the future?
Dr. Gunter GEYER:
OMNIASIG has shown an excellent development and is a top-insurer in the businesses of life and non-life insurance. In the future I expect OMNIASIG to continue this success story by developing new distribution channels and continually optimizing every aspect of their business. Especially in a competitive market like Romania a clear strategy with the focus on the needs of our existing and potential future customers is needed, to be successful. I am convinced that within Vienna Insurance Group OMNIASIG could benefit from our knowledge transfer.

XPRIMM: Are you interested in listing another of the Romanian-owned companies to the Bucharest Stock Exchange? Please explain your decision.
Dr. Gunter GEYER:
We have no plans so far at the moment. The shares of Vienna Insurance Group are listed in addition to its listing on the Vienna stock exchange, on the Prague stock exchange since February this year to reflect the international orientation of our Group.

XPRIMM: How do you see the future of the Romanian insurance market?
Dr. Gunter GEYER:
Romania developed very successfully in recent years. The membership in the European Union was a very important decision for the future of the country and had a very positive impact. It brings new investors to Romania, provides new jobs and growth impulses for the whole economy, which then influences the demand in consumer goods and services. The increased competition will bring further advantages for the consumers. Especially the insurance market is expected to grow, because in Romania people want to insure their cars and homes. Later they will think about private pension plans, which offer good opportunities.

XPRIMM: What are VIG's objectives on the Romanian insurance market until 2010?
Dr. Gunter GEYER:
VIENNA Insurance Group aims to sustain its position as one of the leading insurance groups in the insurance market and provide insurance solutions for private persons as well as companies meeting international standards.

alexandru.ciuncan@mxp.ro
mihaela.circu@mxp.ro

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Dr. Gunter GEYER
Dr. Gunter GEYER
CEO
VIENNA Insurance Group

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



The international crisis does not reach the Romanian insurance market
The financial stability of the Romanian insurance market has not been influenced by the external crisis. The effect of the turbulences was faintly felt, considering the decreased level of investments by the resident companies on foreign money markets, according to the 2008 Financial Stability Report by the Romanian National Bank.
Click here to read more!
by andreea.ionete@mxp.ro, 30.06.2008


Bogdan STAN: the non-life insurance market will recover in 2010
The non-life insurance market will become profitable as late as 2010, the date when companies will focus more on profitability than on market share. Bogdan STAN, CEO of EUROINS Romania, believes that share holders are increasing the pressure and are getting involved in executive processes.
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by andreea.ionete@mxp.ro, 26.06.2008


A new Austrian acquisition?
GRAWE Romania is planning to acquire ASITO Kapital insurance company, the due-diligence procedure already in progress. When he was asked about the possible transaction, Peter KASYK, General Manager of GRAWE Romania, confirmed the information. We are very interested in ASITO Kapital, but, unfortunately, I cannot give more details at this time", said KASYK for XPRIMM Media.
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by alexandru.ciuncan@mxp.ro, 18.06.2008


GENERALI PPF acquiers ARDAF and RAI
GENERALI PPF Holding has signed an agreement with PPF Investments, international private equity group, to acquire control of two Romanian insurance companies ARDAF and RAI. In particular, the acquisition concerns the 72.7% of ARDAF and the 99.9% of RAI. Transaction is still subject to the approvals of all relevant regulatory authorities. The acquisition will enable the Holding to expand operations in Romania which is one of the Holding's strategic markets in CEE.
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by mihaela.circu@mxp.ro, 26.06.2008


VIENNA Insurance Group sells UNITA to UNIQA Austria
VIENNA Insurance Group and UNIQA Group Austria have signed, on June 30th, a contract on the sale of 100 percent of the share capital of the Romanian non-life insurer UNITA.
The transaction is subject to all necessary approvals by the authorities, especially the approval by the European Commission. It is planned to close the intended transaction in the third quarter of the current year.
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by mihaela.circu@mxp.ro, 1.07.2008


Violeta CIUREL, new Regional CEO of ING Group for greenfields in CEE
Violeta CIUREL is the new Regional CEO of ING Group for greenfield operations in CEE. Her most important responsibilities will regard Russia and Ukraine, the biggest markets in the region, Dutch group ING announced yesterday.
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by daniela.ghetu@mxp.ro, 3.07.2008


Pension funds have EUR 30 million and 4 opportunities to but T-bills in July
The Ministry of Finance will organize four bids for Romanian T-bills and T-bonds during July, with instruments to mature in 6M, 1Y, 3Y and 5Y and total issuing values of RON 3 billion (EUR 822 million) - that means a variety of opportunities for mandatory pension funds (2nd Pillar) to fill their portfolios with such instruments.
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by mihai.bobocea@mxp.ro, 2.07.2008


ING is the new market leader on the voluntary pensions market
ING Life Insurance has become at the end of last week the new market leader in voluntary private pensions (3rd Pillar) by number of participants with 42,583 customers, surpassing ALLIANZ-TIRIAC Private Pensions (35,262) and BCR Life Insurance (24,656).
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by mihai.bobocea@mxp.ro, 2.07.2008


The GENERALLI PPF Holding companies in Romania will keep their independent policies
GENERALLI, ARDAF, and RAI Asigurari, members of GENERALLI PPF Holding in Romania will run, over the next period of time, on an independent basis, based upon a synergetic relationship. The development strategy does not imply the merger of the companies that the Czech group owns on the local market.
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by alex.rosca@mxp.ro, 27.06.2008


High objectives for SIGNAL Iduna
SIGNAL Iduna plans on becoming, over the next 5 years, the leader on Romanian health insurance market. After two years, when it struggled to obtain the operating license from CSA, the SIGNA team finally set its goals.
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by oana.necula@mxp.ro, 24.06.2008


Voluntary and mandatory pension funds, just as conservative with their investments
Voluntary pension funds (3rd Pillar) and mandatory pension funds (2nd Pillar) were at the end of May just as conservative with their investments, shows an analysis by www.pensiileprivate.ro.
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by mihai.bobocea@mxp.ro, 1.07.2008


Mandatory pension funds already started investing abroad
Romania's mandatory pension funds (2nd Pillar) already started investing their assets abroad, right after the start of collection and the receiving of their first contributions from customers, shows data provided by companies and CSSPP for www.pensiileprivate.ro.
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by mihai.bobocea@mxp.ro, 25.06.2008


Surprise-deal: Romanian voluntary pension fund returns from VIG to ERSTE
The voluntary pension fund (3rd Pillar) BCR Prudent will be transferred from BCR Life Insurance (company which was recently sold by ERSTE to VIENNA INSURANCE GROUP to BCR Private Pensions (company still in the ERSTE group).
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by mihai.bobocea@mxp.ro, 19.06.2008


EULER HERMES opens a branch in Romania
EULER HERMES will open a branch in Romania in order to establish here on a permanent basis. The company already informed the Insurance Supervisory Commission in Romania.
The company will operate in the warranty insurance segment, financial loss and legal protection.
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by mihaela.circu@mxp.ro, 30.06.2008


Second collection brings EUR 28.2 million and 877,000 empty accounts to mandatory pension funds
The second contribution collection round for mandatory pension funds (2nd Pillar) brought an improvement in on the market situation, raising contribution volume and reducing the number of empty accounts.
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by mihai.bobocea@mxp.ro, 26.06.2008


Romania, one of the most significant increases in life insurance
In 2007, the Romanian insurance market has exceeded by more than 30 % the rise of the global insurance market. On a global scale, life insurance has registered a 5.4% increase, reaching 1,534 billion EUR, surpassing the medium evolution of the last 10 years, according to the SIGMA study by SWISS Re.
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by andreea.ionete@mxp.ro, 30.06.2008

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 CEE & CIS


Motor insurance in Bulgaria: 70% of premiums and 86% in claims

Bulgarian general insurance market has totalized EUR 243.5 million by end-April, slightly below 84%, while the life insurance segment reached EUR 46.5 million, according to the Financial Supervision Commission. At the same time, insurance companies have paid EUR 92 million in claims, of which 86% were recorded in the motor segment. Also, this segment accounted for over 70% of general insurance premiums.
BULSTRAD is the nation's top general insurer, holding one fifth of the market, followed by DZI and ALLIANZ Bulgaria with around 13%. The remaining insurers collectively have less than 10% market share in terms of premium income.
by andreea.ionete@mxp.ro, 2.07.2008


More than 400 insurers are interested in Poland
In four years since the accession of Poland to the European Union, the number of Community companies that have notified the supervising authority about their intention to operate on the local insurance market has exceeded 400.
Thus, until now, 52 of the life insurers, 328 non-life and 36 composite companies have announced that they will run insurance activities in Poland.
"Although there are no estimates of the figures made by these companies in Poland, we appreciate that their arrival has increased competition and implicitly the quality of services", Marek-KUROWSKI, Communication Director, PIA (Poland Insurance Association) declared for the XPRIMM Newsletters.
At the end of 2007, Poland-based insurance companies have amounted EUR 11 billion in premiums.
by mihaela.circu@mxp.ro, 2.07.2008


GRAWE has completed a new acquisition in Ukraine
The Antimonopoly Committee of Ukraine has approved recently the acquisition of Ukrainian-based INPRO by Austrian group GRAWE. The transaction was concluded in April, but the total amount of the transaction was not disclosed.
"We have relatively completed our geographical expansion. We believe that one of our main priorities is to develop on those markets we are successfully present in", said Gunther PUCHTLER, member of the board, GRAWE.
In this context, "this transaction will pave the way for some important financial resources for a more active development, and consolidation on the Ukrainian market," stated Dmitriy VANIKOVYCH, General Director, INPRO.
GRAWE is present on the Ukrainian market since 1998, specializes solely on life insurance. In 2007, Ukraine GRAWE subscribed premiums of 19.2 million EUR and paid EUR 400 thousand in claims, ranking second position among Ukrainian life insurers.
INPRO is active in the risk insurance segment, as well as property, transport and personal insurance lines, recording in 2007 gross premiums of EUR 3.3 million and total claims paid of EUR 1.5 million EUR.
by oleg.doronceanu@mxp.ro, 26.06.2008


GENERALI to offer bancassurance services in Poland
Insurance Group GENERALI has recently signed an agreement with 350 polish cooperative banks and Bank POLSKIEJ Spoldzielczosci which says that cooperative banks and insurer could cooperate within the limits of bancassurance, according to Parkiet.
The decision follows the good results recorded by GENERALI on the Polish market, and high potential of development in this segment.
Its quarterly premiums written were the highest in 9 years of history of the GENERALI Group in Poland. The growth of income generated in many business segments was much higher than the figures reported by competitors.
The gross premiums written of the GENERALI Group were EUR 98.8 million in Q1 2008, up by 35% year on year thanks to excellent sales results in the main business lines. The consolidated net profit of the companies GENERALI, GENERALI Zycie and GENERALI PTE totaled EUR 2.3 million in Q1 2008. OFE GENERALI reported growth in the number of active pension accounts at double the sector's average rate; it now operates over 565 thousand accounts.
With a population of 38 millions people, Poland is one of the largest markets in Central and Eastern Europe, with an insurance penetration rate of 3.5% (9.3% in EU) and insurance density to EUR 200 (2,135 EUR in EU).
by oleg.doronceanu@mxp.ro, 23.06.2008


TRIGLAV postpones capital injection
Slovenia's biggest insurer Zavarovalnica TRIGLAV has postponed the planned share capital increase until the autumn due to the company's decision not to participate in the recently concluded third round of the share capital increase of NLB, Slovenia's biggest bank, Slovene Press Agency reported. Meanwhile, the insurer will be listed on the Ljubljana Stock Exchange in September.
In autumn, the supervisors of the company are to decide on the exact amount of the fresh capital increase and the company's strategy on the three following years, said chief supervisor Damjan MIHEVC.
TRIGLAV is the leading insurance company in Slovenia (42.9% market share) and one of the major players on the Central and Eastern Europe markets. In 2007, insurer reported gross premiums of EUR 707.6 million, an increase by 7% compared to the previous year, and paid EUR 367.6 million in claims, more than 7% compared to 2006. The company plans to expand in Bulgaria, Romania and Ukraine.
by oleg.doronceanu@mxp.ro, 26.06.2008


STANDARD & POOR's reconfirms INGOSSTRAKH's ratings
STANDARD & POOR's had affirmed its 'BBB-' long-term counterparty credit and insurer financial strength ratings to Russian company INGOSSTRAKH Insurance, according to RPnewsline. The outlook is stable. INGOSSTRAKH enjoys growing competitive advantages in The Russian Federation (foreign currency BBB+/Positive/A-2; local currency A-/Positive/A-2; Russia national scale rating 'ruAAA') through intensive growth of its personal lines portfolio and increasing diversification of business to countries in the Commonwealth of Independent States (CIS).
"The ratings also reflect the management team's positive track record and a sustained good level of operating performance," said S&P credit analyst Victor NIKOLSKIY.
However, these strengths are offset by marginal investment profile; the company's untested, marginal financial flexibility; and high industry and country risks.
"We expect sustained good operating performance from INGOSSTRAKH, with a net combined ratio of less than 100%, return on equity exceeding 20%, and maintenance of capital adequacy within our risk-based capital model's 'BBB' range," said NIKOLSKIY.
In the medium term, INGOSSTRAKH still faces challenges to maintain its capitalization in line with its ambitious growth levels. Upside potential is limited in the medium term. The outlook could be revised to positive or the ratings could be raised if INGOSSTRAKH can demonstrate its capacity to manage country and industry risk, possibly through the increased transparency associated with an IPO.
INGOSSTRAKH, member of INGO Group, has operated in the domestic and international market since 1947. The Company is the leader among Russian insurers in terms of the size of insurance premiums in voluntary insurance, other than life insurance.
by andreea.ionete@mxp.ro, 30.06.2008

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 FINANCIAL NEWS

New CEO for Romanian Commercial Bank
Dominic BRUYNSEELS is the new Chief Executive Officer for Romanian Commercial Bank (BCR), Romanian banking market leader in terms of assets. Former CEO Manfred WIMMER will become Chief Financial Officer (CFO) and Chief Performance Officer (CPO) of ERSTE Bank, owner of BCR owner.
The bank plans to win back the market share it lost during its integration into the ERSTE structure, to make the activity more efficient and list on the Bucharest Stock Exchange (BVB). "I am determined to use all my experience to maintain and consolidate BCR's position, as the best universal bank in Romania," said Dominic BRUYNSEELS.
Dominic BRUYNSEELS worked for BARCLAYS Bank for 27 years. Manfred WIMMER, the Architect of the BCR takeover by ERSTE, was appointed the bank's interim CEO in 2007.
BCR manages assets worth over EUR 16 billion and plans to increase its contribution to ERSTE Bank's net profit to over 25 percent. Also, once BCR is fully integrated in ERSTE Bank, shareholders plan to increase income from interest and fees, and the retail loan portfolio.
by costi.boroda@mxp.ro, 2.07.2008


BNR: Romania's banking system is well capitalized
Romanian banks have not been forced to activate the emergency liquidity plan to offset turbulence on international financial markets, but risks generated by companies and the population continue to grow, due to the high volatility of the exchange rate and foreign currency loans, according to a press release by the National Bank of Romania (BNR). For Romanian banks whose solvency report approaches the minimum 8 percent limit, aggressive policies to gain or consolidate market share depend on an increase in funds, through new social capital from shareholders. In the absence of serious turbulence and liquidity problems, the continuation of an increase in non-governmental loans will persist in driving down the solvency indicator. BNR representatives say solvency will not be a problem.
by standard.ro, 2.07.2008


EBRD could become a CEC Bank shareholder
The European Bank for Reconstruction and Development (EBRD) could decide by the end of the year if it will become a shareholder in Romanian state-owned CEC Bank.
"As concern negotiations, one never knows when these will end, but we hope to have something by the end of the year. I cannot say at the moment if EBRD will become a shareholder or if we are talking about some other form of collaboration," according to a declaration for Business Standard by Radu Gratian GHETEA, CEC Bank President.
CEC Bank was subject to two privatization processes, both of which failed due to low offers made by international institutions. Varujan VOSGANIAN, Minister of Economy and Finance, said the state plans to list CEC Bank on the Bucharest Stock Exchange, although this will not happen in 2008.
The rebranding process of CEC Bank, one of Romania's top ten banks in terms of assets, cost EUR 50.56 million in 2008, and its objectives include an increase in its market share to 6 percent to 2011, and improved attractiveness of the bank for potential investors.
by standard.ro, 1.07.2008


The year 2008: best year for agriculture in the past 3 decades
While major grain producers, such as the United States, Brazil or Australia, are facing a crisis this year, the year 2008 will be one of the best agricultural years in the past three decades for Romania.
The production of wheat and rapeseed is expected to double. Producers say they expect a production of some five tons per hectare for wheat, four tons per hectare of barley, and a minimum three tons per hectare of rapeseed.
Analysts indicate that the crop will not help stabilize the inflation index, nor influence food prices. "Agriculture makes up 6 percent of Romania's GDP. The good crop will not influence inflation, because Romania has no sales markets," economic analyst Ilie SERBANESCU said.
The rise in worldwide grain price will determine a 15 percent increase in turnover for local producers. The advance of agriculture this year could lead to a surplus of one or two percentage points in GDP, which could lead to economic growth of some 7 percent, according to a declaration at a seminar by Lucian CROITORU, Advisor to Mugur ISARESCU, Governor of the National Bank of Romania (BNR). "Economic growth will be high for the whole of 2008, due to the fact that this promises to be an exceptional agricultural year, and could bring about one or even two percent growth of gross domestic product", added Lucian CROITORU.
by standard.ro, 27.06.2008


BNR posts 2007 net profit of RON 458.46 million
Last year, the National Bank of Romania (BNR) reported an after-tax profit of RON 458.46 million, from losses of RON 4.33 billion in the previous year, according to the central bank annual report. Net earnings from interest were up RON 1.62 billion last year, from RON 190.87 million in late 2006, and incomings from taxes and commissions were slightly on the rise form the year before, from RON 52.82 million to RON 77.26 million, according to the report. Financial operations registered losses of RON 922.49 billion, from RON 4.26 billion in 2006. BNR total assets stood at RON 103.8 billion, up 10.6% from the year before. BNR financial reports are drawn up according to international accountancy standards applicable to central banks and acknowledged by the European Central Bank. The bank is exempted from paying profit tax, yet, under Romanian law, it transfers into the state budget 80 per cent of the net revenues remaining after matching the spending corresponding to the fiscal year and the losses uncovered from previous fiscal years.
by hotnews.ro, 1.07.2008

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


8th Yalta International Forum
September 15th-19th, 2008
Yalta, Ukraine
Organizer: The League of Insurance Organizations of Ukraine
Media Partner: PRIMM Magazine - Insurance&Pensions
Details: www.cbs.org.ua


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


Achieving Excellence in Insurance Sector in Russia and CIS
September 18th-19th, 2008
Moscow, Russia
Organizer: Jacob FLEMING Conferences
Media Partner: PRIMM Magazine - Insurance&Pensions
Details: www.jacobfleming.com


"Joining Forces to Raise Your Game" - The Future of Bancassurance, Assurbanking & the Affinity Business
September 25th-26th, 2008
Prague, Czech Republic
Organizer: UNIGLOBAL Research
Media Partner: PRIMM Magazine - Insurance&Pensions
Details: www.uniglobalresearch.eu

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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: Costi BORODA
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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