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XPRIMM News
XPRIMM News - THE ROMANIAN INSURANCE MARKET NEWSLETTER
No. 120, November 7th, 2008
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MENU: EDITORIAL | INTERVIEW | TOP PRESS | CEE, RUSSIA&CIS | FINANCIAL NEWS | EVENTS
 
 
 
INSURANCE PROFILE
  EDITORIAL


Focusing on the clients

The clients' satisfaction rate growth should be, in theory, a company's primary objective, even if it's dedicated to the consumption market, the real estate market or the financial services market.

Practically, because of the customers' demands growth, products that used to be sold become "old-fashioned" and small flexible companies which are close to disappear, but filled with inovative ideas, have a chance in fighting their way in the market, the specialists have noticed.

However, following the insurance market's evolution in the past years we can observe that in many cases the customer is missing in the profile companies' strategy.

Although insurance companies' leaders are looking for reducting the claims, profit growth, developing the portfolio, and yet preoccupying for raising the final insurance beneficiary's satisfaction level is missing in their strategies...

The sharper and sharper competition in the Romanian insurance market conducted between worldwide developed groups, like ALLIANZ, GENERALI, GROUPAMA and VIENNA Insurance, will lead more and more to fighting for top positions on the market... Only those players that will offer higher services quality will be able to succeed in this matter... Those companies that will place clients first will win this struggle...

by mihaela.circu@mxp.ro

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BCR Asigurari de Viata
ASIBAN

MILLENIUM INSURANCE BROKER


WILLIS
POLISH Re
ASIBAN
FADATA
KINGSPAN
EDITORIAL | INTERVIEW | TOP PRESS | CEE, RUSSIA&CIS | FINANCIAL NEWS | EVENTS
 INTERVIEW

 

Interview with
Tomasz CZALBOWSKI and Jacek KUGACZ,
POLISH Re

XPRIMM: You have been awarded for two consecutive years the most dynamic evolution in Eastern Europe. How did the business evolve over this period?
Jacek KUGACZ:
We proved that you were right by assigning this award, because Romania, along with Russia, was the country where we became the most successful. In these countries business grew significantly and we used that as a marketing tool. This aspect was noted by the market and, obviously, we are eager to continue providing the best services and constantly improve them to prove that we deserve this award.

XPRIMM: How do you see the results of POLISH Re in the CEE in the first semester of 2008?
Tomasz CZALBOWSKI:
We followed the pattern of development of the previous year in terms of written premiums. Underwriting results are according to the plan and capital position of the company is very good. At the same time, we were affected by turbulences of the financial market, the strengthening tendency of the Polish zloty that somehow affected our results in the first six months.
Generally speaking, compared to the previous year, our evolution was stable and the growth reached 10%, although it's difficult to compare because some treaties are still in progress and on the different stages. Last year we had two standards: financial statements (according to the Polish accounting system) and international finance reporting system, so the level of premiums depends on your calculation methods.
I just want to point out that, despite the tendencies of strengthening of the Polish zloty (that affected us as exporters of financial services) and other market turbulences our evolution was stable and up by 10% in comparison with the similar period of the last year. More or less, this is also due to our conservative approach to risks as well as a consequence of the fact that we were not so much affected as other companies were.

XPRIMM: How is the relation with the Romanian insurance companies for the moment? How is your business in Romania?
J.K.:
Romania is among the few countries where we have a significant role on the market. On the other hand, we noticed that, in Romania, the same tendencies are present like in many others countries; international groups are coming in, buying companies, like GROUPAMA recently and others that previously entered the market. So, this could affect our relations, but we will continue our efforts to be accepted as security for the international groups. This is already situation in some cases.

XPRIMM: Do you negotiate your contracts with each company from the international groups or directly with the groups?
T.C.:
In case we are accepted by a group, the acceptance is at group level and then all the companies know that they can use our services or, in some cases, it is just a group program like most of these international entities have.
This is extremely important, because the tendencies of activity of the international groups are not only in Romania or Poland but also in other countries like Ukraine, Russia and other markets were we are present on, so we have to focus on that.

XPRIMM: Which are the key factors that helped you achieve such good results on the Romanian market? Which are your advantages against the competition?
J.K.:
For sure it was the excellence of our services and individual approach for all the customers; we are an efficient reinsurer based in Warsaw so we have lower fixed costs, compared to western companies, and have no minimum premium requirements. One can say that each and every client is important for us.
At the same time, we are closer to the clients, to the market, we provide the best services and we are also involved in organizing different events like technical seminars. For example, the last one we have organized was at the beginning of September and the main topic was general third party liability. Also, we intend to organize another technical seminar in Kiev, until the end of this year. We try to provide our clients with the latest know-how and expertise and sharing our experience.

XPRIMM: Besides Romania, which are your strategic markets?
J.K.:
All markets of the CEE countries are very important to us, but obviously there are differences between these markets, regarding the number of companies, structure etc.
For example, two years ago our number of clients in Russia and in other CIS countries was 58 and this year it is more than 90. So, diversity is the key factor these days, as this also shows certain credibility for the clients as well as for the insurance companies and brokers, it shows how POLISH RE is seen on these markets.
Our presence on a market depends on the number of our clients and size of the specific market, but we want to be a strategic partner for all countries of CEE, South Europe and CIS.

XPRIMM: You have to "fight" then with the tendencies of market concentration - many companies are merging, being bought by international groups and probably it's much harder to work with one big client...
T.C.:
That is correct, but we have closely analyzed the evolution of the market, and we have managed to convince our clients a few years ago. Companies that belong to international groups are pushing their parent companies to include POLISH Re, as a security, despite the fact that we don't fulfill their criteria of "A-".
It's very important that local companies are really supporting us; without their support we wouldn't be accepted by the groups.
So, we are accepted by some companies, some international groups, but we still have to work on that. Obviously, this is the tendency and we have to find the solutions, we will certainly manage to achieve our objectives, and the upgrade of POLISH Re's rating will be very helpful.

XPRIMM: What are the relations with the Ukrainian insurance companies? They were used to reinsure their risk mostly on the Russian market. Was it difficult to convince them to work with POLISH Re?
J.K.:
In my opinion, we are seen by the Ukrainian players as a western reinsurer, but first of all, we are seen as local partner. They can communicate with us in Russian, we know the market and we have been working in Ukraine since the very beginning, in 1997. Also, we used to be the shareholder of local company (Skide-West) that became PZU Ukraine some time ago. We proved that our interest in Ukraine is strategically important and we have a good competitive position here and on other CEE markets.

XPRIMM: In terms of business, does the Ukrainian market nowadays give you more business than the Romanian one?
J.K.:
Generally speaking, Romania, Russia and Baltic States are the most important from premium volume point of view; Ukraine is among the TOP-7. I would like to underline that last year for the first time ever, the premium volume from abroad was higher than the premium from the domestic market, and amounted more than 53%. The gross written premium volume for last year was EUR 75 million; from Poland that was EUR 35 million, while the rest was achieved abroad. What is important is the fact that Polish market also increased last year by 10%, but a much higher increase was seen on foreign markets. So, our tendency is to expand and to develop on the foreign markets, which have a high potential. We need to expand further our client-base, especially in the light of our new potential shareholder, that will permit us to develop new lines of business.

XPRIMM: What about Russia, is there a strong competition? They do have some important domestic players...
J.K.:
Yes, it is, but I wouldn't say that the Russian reinsurance companies are playing a very important role. A much more important role, in terms of inward reinsurance, is played by local insurance companies. Obviously, the competition there is quite big, especially now. We have to compete with big local companies, especially because there internal reinsurance is very developed; the companies are reinsuring the risks between themselves. So this is a factor that is taken into account when they are placing the risks. Potential competitors are SCOR, HANNOVER Re, SWISS Re, as well as major local insurance companies, depending on treaties and limits.

XPRIMM: What can you tell us about your new potential shareholder?
T.C.:
The transaction has started; our company has a status of public company but is not listed on the Stock Exchange. We tried to list it but due to the weakness of the financial market and the fact that the company did not achieve a satisfactory issue price we abandoned this process. FAIRFAX decided to make a public offer (call) to acquire up to 100% of the POLISH Re and the transaction just started. I can tell you that the expected value of the transaction is about USD 72 million. According to the announcement Fairfax has received so far commitments to tender to the offer from shareholders holding approximately 47% of the shares of Polish Re.

XPRIMM: Do you think this is a good thing for the company?
T.C.:
Yes, we are very glad that we could be in this very reputable and strong, well-known financial group. We discussed with our rating agencies and it seems that after completing the transaction there could be moves towards an upgrade, which is very important for the future development of the business.

XPRIMM: Do you think that FAIRFAX will continue the same strategy of expansion on CEE markets?
T.C.:
Yes, for sure, they see POLISH Re as a long-term solid platform to expand in this part of the world.

XPRIMM: What are the goals for the next period?
T.C.:
We want to follow the path of development that we have today; we also have to discuss with new shareholder about its intentions, probably it will occur at the beginning of next year. We will be still focusing on business quality and profits from our core underwriting activity.
In 2008 we hope we will be up by 10% in gross written premiums; after that, it will depend on FAIRFAX which we believe is focused more on quality and profit than on an increase in premiums. Also, we expect a certain upgrade in ratings. This will help us run the business well; it will also be a good sign for international groups, for the clients and brokers that we are moving in the right direction at the moment.
We were assigned four years ago with a "BBB-" rating by S&P, outlook "stable", and after four years we are at the same level. Recently, when the information about FAIRFAX was made public, we were put by S&P credit watch positive, which is the first step to make the change of outlook and then to upgrade the company's rating. We are on a good path, and in the Monte Carlo the news were accepted with great pleasure by brokers and our partners. Fairfax is known of doing very good investments also during tough times of turmoil on the financial markets world-wide as nowadays. For sure, this acquisition of POLISH Re will reinforce our position as the leading reinsurer in the Central and Eastern European Countries.

XPRIMM: Thank you!
by oleg.doronceanu@mxp.ro,
vlad.panciu@mxp.ro

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Tomasz CZALBOWSKI
Tomasz CZALBOWSKI
Vice President of the Management Board,
POLISH Re



Jacek KUGACZ
Jacek KUGACZ
Executive Director,
POLISH Re
MEDICOVER
EDITORIAL | INTERVIEW | TOP PRESS | CEE, RUSSIA&CIS | FINANCIAL NEWS | EVENTS
 TOP PRESS

Compulsory Households Insurance Law, enacted by the President
The Law regarding compulsory households insurance (AOL) has been promulgated on November 4, 2008, by the President of Romania, Traian BASESCU, according to a Presidency's press release.
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by andreea.ionete@mxp.ro, 4.11.2008


How would the market without motor insurance be like?
Excluding the most losing insurance classes, MTPL and CASCO, Romanian insurer's underwritings would totalize EUR 469.38 million in H1/2008, according to a study made by the Specialized Magazine INSURANCE Profile.
At the same time, the claims paid by the insurance industry would be of EUR 93.11 million.
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by vlad.boldijar@mxp.ro, 30.10.2008


ALLIANZ-TIRIAC, OMNIASIG and ASIROM hold about 50% of the motor insurance market
The amount of gross written premiums of the motor insurance classes (MTPL, Green Card and Motor Hull, cumulated) was, in the first six months of 2008, EUR 732.73 million, which represents a nominal change, in EUR, of about 17% compared to the results recorded in the similar period of the previous year, according to the Insurance PROFILE magazine.
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by vlad.boldijar@mxp.ro, 28.10.2008


ALLIANZ-TIRIAC Asigurari - underwritings of over RON 1 billion in the first nine months
ALLIANZ-TIRIAC Asigurari surpassed, in the first nine months of 2008, RON 1 billion in consolidated revenue (general and life insurance), with gross written premiums of RON 1.039 billion. The result represents a 13% increase compared to the same period a year earlier, when underwritings rose up to RON 920 million.
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by oana.necula@mxp.ro, 5.11.2008


GROUPAMA makes the first step towards the merger of the Romanian acquisitions
GROUPAMA will announce next week, Thursday the 13th of November, its development plans on the Romanian market, as well as the calendar of merger of the companies purchased on the local market - ASIBAN, BT Asigurari and OTP Garancia.
Thus, the French group's strategy will be disclosed during a dedicated event, at which Jean Francois LEMOUX, International General Manager, GROUPAMA and Denis ROUSSET, the GROUPAMA representative in Romania, currently General Manager of BT Asigurari, have already announced their presence.
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by andreea.ionete@mxp.ro, 5.11.2008


UNITA, the only insurer that will carry out UNIQA's name in Romania
UNITA will be the only company on the Romanian insurance market that will carry out UNIQA's name. The Austrian group's representatives stated yesterday during the press conference that there will be no more acquisitions in Romania. Therefore, after finalizing the rebranding process, UNITA, which belongs entirely to the Austrian group, will be named UNIQA Romania in Q1/2009. At the same time, UNIQA decided to limit its participation to ASTRA at the current 27%, to back off from any of its operational activity and to give up the co-branding ASTRA-UNIQA.
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by andreea.ionete@mxp.ro, 6.11.2008


Mandatory pension funds to collect EUR 455 million worth of contributions for 2009
ROMANIA. The country's mandatory private pension funds (2nd pillar pensions) will collect aprox. EUR 455 mn. worth of contributions as of next year. The average gross wage in Romania for 2009 is estimated at 1,865 RON (505 EUR), according to the budget adopted by the Romanian government for 2009. The estimation is based taking into account a contribution level of 2.5% of this wage for about 3,5 million participants and an average exchange rate EUR/RON of 3.7 units.
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by mihai.bobocea@mxp.ro, 6.11.2008


CSSPP: Mandatory pension funds' equity investments, below 2% of assets
ROMANIA. Mandatory pension funds' (2nd Pillar) equity investments fell below 2% of total net assets at the end of October, as against 3.42% of net assets at the end of September, 4.23% at the end of August and 9.5% at the end of May (the start of the system) - CSSPP executive manager Cristian ROSU stated in pensions conference organized by Media XPRIMM.
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by mihai.bobocea@mxp.ro, 6.11.2008


Life insurance, first place in the Romanians' preferences
Life insurance represents the first option among the Capital's population, having an 18.6 percentage of the ones interviewed in a survey made by MEDNET Marketing Research Center. Secondly, 14.1% of the Bucharest people would prefer a property insurance and 12.9% would make a health insurance. At the same time, the motor insurance high penetration level placed this option as being prioritar only among 2.9% of the questioned people.
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by andreea.ionete@mxp.ro, 27.10.2008


Romanian insurers take greater risks: less than 8% of premiums were ceded in reinsurance
The annual growth of the premiums ceded in reinsurance was significantly reduced from 49% in 2006 to 7.97% in 2007. At the same time, the share of total premiums ceded in reinsurance dropped last year from 26.2% to 24.04%. It is clear that, for non-life insurance companies assumed greater risks. They reinsured 29% of the premiums in 2007 compared to 32% in 2006.
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by andreea.ionete@mxp.ro, 30.10.2008


KOVAROVA: GENERALI will maintain its healthy growth
"GENERALI Asigurari will maintain its healthy growth, continuing the traditional prudent approach." This is the first official statement made by the new CEO and Chairman of the Directorate of the company - Marie KOVAROVA, after obtaining the CSA approval and the registration at the Register of Commerce.
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by andreea.ionete@mxp.ro, 3.11.2008


MARSH: Companies that manage their risks better can avoid the effects of the financial crisis
The crisis that the global financial markets are facing brings along with it a change of the risks a company is exposed to. Covering the new risks can be achieved only through a good management of the companies' capacity to improve liquidity and to reduce the costs of insurance and of risk management. In this context, maximizing the value of trade credit insurance, and the companies considering other forms of insurance, represent only two of the recommendations of MARSH, the world leader on the market of risk consultancy and insurance brokerage.
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by andreea.ionete@mxp.ro, 30.10.2008


PORSCHE Asigurari targets leading the CASCO insurance market in Romania
PORSCHE Asigurari, PORSCHE Versicherungs AG Salzburg's Romanian branch, officially entered the market on October 29, having as primary target to gain the leading position on the local CASCO insurance market. The company, which closes the circle of integrated services offered by PORSCHE Finance Group to the holding's customers in Romania, has the long-term purpose of insuring 30% of the cars financed by PORSCHE Romania. Therefore, the insurer targets to fill 6,000 policies in 2009.
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by andreea.ionete@mxp.ro, 30.10.2008


The private pensions system's Guarantee Fund to reach the Parliament in less than 4 months
ROMANIA. President Traian BASESCU recently promulgated a law bringing some improvements to the Romanian private pensions system architecture, which makes it mandatory for the draft law on the Guarantee Fund for the private pensions system to reach the MP's tables in less than 4 months.
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by mihai.bobocea@mxp.ro, 6.11.2008


Voluntary pensions market: 135,900 clients and EUR 18 million AuM at the end of October
Over 10,000 Romanians became new members in the voluntary private pensions system (3rd pillar) during October, bringing this market at the total figures of 135,900 participants and EUR 18 million net assets, according to an analysis made by www.privatepensions.ro.
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by mihai.bobocea@mxp.ro, 6.11.2008


Reinsurance price rises
The recent global financial crisis will lead to a double-digit growth for reinsurance rates until the next renewal season. This statement belongs to the MUNICH Re's officials and it was made while the Insurers and Reinsurers Annual Meeting in Baden-Baden.
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by vlad.panciu@mxp.ro, 29.10.2008


IBERIAN Structured Investments is the new majority shareholder of ARDAF
Romanian insurer ARDAF has a new majority shareholder, after the Dutch company IBERIAN Structured Investments bought a total of 523,807,700 shares in the company. The transaction was realized as a result of the input in nature of these shares to the increase of the social capital of IBERIAN, operated by the Cypriot company SABILE Limited.
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by andreea.ionete@mxp.ro, 4.11.2008


RAIFFEISEN BANK offers voluntary pensions to its Romanian employees
ROMANIA. RAIFFEISEN BANK, one of the largest five banks in Romania, decided to offer voluntry private pensions (3rd pillar pension) for its 5,400 employees, the fund chosen being the voluntary pension fund managed by RAIFFEISEN Asset Management. At the end of October 2008, the freshly-launched "RAIFFEISEN Acumulare" voluntary pension fund had 5,449 participants and net assets of 1 RON mn. (0.3 EUR million).
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by mihai.bobocea@mxp.ro, 6.11.2008

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Safety Credit

Safety Broker
EDITORIAL | INTERVIEW | TOP PRESS | CEE, RUSSIA&CIS | FINANCIAL NEWS | EVENTS
 CEE, RUSSIA&CIS


Russian Insurers Hold Half of the Positions in the Top-10 Non-Life Insurance List

The Russia-based insurance companies hold half of the positions in the 2007 top-ten list of non-life insurers from Central and Eastern Europe (CEE) and the former USSR, as set out in analytical report "TOP-Insurer. Insurance Markets and Insurance Groups in CEE and Former USSR" published by Russian Polis - Information Group in September.
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by RP Newsline, 27.10.2008


Russian Government Rejects Bill on Compulsory Dwelling Insurance
The bill "On compulsory dwelling insurance" was withdrawn from the State Duma of Russian Federation (RF), informed Galina KHOVANSKAYA, Member of the Duma's committee on building and land estate, speaking to the radio station "Echo of Moscow" on October 23.
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by RP Newsline, 27.10.2008


Croatia: the Least Concentrated Life Insurance Market
The life insurance market of Croatia is the least concentrated compared to the other markets of Central and Eastern Europe (CEE) and the former USSR. The South-European insurance market is followed by Russia and Greece, as set out in the analytical report "TOP-Insurer. Insurance Markets and Insurance Groups in CEE and Former USSR", published by Russian Polis - Information Group in September.
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by RP Newsline, 27.10.2008


APRIL Group to enter Bulgarian insurance market
AXERIA Prevoiance and AXERIA IARD, French-based companies of APRIL Group, have obtained regulatory approval for operation on the Bulgarian insurance market, Bulgarian information agency Dnevnik announced October 30. AXERIA Prevoiance will provide life insurance while AXERIA IARD will operate in the non-life segment.
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by DNEVNIK, 30.10.2008

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


EC revises this year's Romanian economic advance upwards to 8.5%
The European Commission (EC) improved estimates regarding Romania's 2008 economic growth in its fall prognosis. As such, the European institution raised its prognosis for gross domestic product (GDP) to 8.5% for 2008, compared to an earlier forecast of 6.2% in its spring prognosis. However, European analysts are expecting a tempering of GDP in 2009, to 5.1%, compared to its 4.7% spring estimate.
The improved prognosis for this year is due to significant year-on-year results in the agricultural sector.
The EC also revised its estimate for average inflation in 2008, to 7.8%, from an initial forecast of 7.6%, as the effects of the international economic crisis are also expected to affect Romania's economy.
Another indicator analyzed by the European Commission was its current account deficit, which the European institution believes continues to be worrisome, albeit slight lower, and which "together with worsening fiscal perspectives make Romania more vulnerable to external shocks, especially in this period of the global financial crisis," concluded the EC fall prognosis.
by standard.ro, 5.11.2008


Foreign banks interested in Romania
Some foreign banks are likely to be interested in acquisitions in Romania next year, which could lead to local banking market consolidation, according to the President of RAIFFEISEN Bank Romania, Steven van GRONINGEN. "It is very difficult to make forecasts, given that banks currently need to solve their domestic problems," he added. Furthermore, according to van GRONINGEN, foreign markets believe that Romania is a high risk country, in terms of economic stability. Speaking of the reduction of financing lines by mother banks to their subsidiaries in Romania, van GRONINGEN said this will be an indirect effect of the foreign currency lending slowdown. "There will definitely be a shift from foreign currency loans to lei-denominated loans," he added. Van GRONINGEN also indicated that all lenders should attempt to attract more deposits and grant fewer loans. He said that a slowdown in lending is positive for the banking system. "It is natural that mother banks are more reluctant to provide financing, as they are trying to balance the loan-deposit ratio, currently estimated at 120%. We plan to rely less on financing from mother banks by attracting deposits," he explained. He recently said that RAIFFEISEN has not withdrawn a single euro from deposits made by Romanian clients. On the contrary, the mother bank supports its local subsidiary by providing euro for Romanian economy loans. "Money saved in deposits in Romania, either in euro or lei, are offered as loans to individuals or companies in Romania," he said. The lender posted EUR 74 million in net earnings in the first half of 2008, some 57% higher year-on-year, while assets rose 16%. At the end of June 2007, the bank had 500 branches in Romania.
by standard.ro, 4.11.2008


BCR net earnings up 71.8% in Q3
The largest local lender, Banca Comerciala Romana (BCR), owned by Austrian group ERSTE, posted consolidated net earnings worth EUR 341.5 million in the third quarter of 2008, some 71.8% higher year-on-year. The bank's assets rose 4% by the end of September, compared to the end of 2007, up to EUR 16.6 billion, financial data published by BCR show. At the end of last year, bank's assets amounted to EUR 16.5 billion.
BCR's loan portfolio amounted to EUR 11.6 billion, 17.3% higher compared to the end of 2007. The higher increase in loans, compared to assets growth, shows that BCR allocated more resources to its core operations, by lowering interbank placements and financial assets, according to a bank press release.
BCR's owner, ERSTE Bank, posted EUR 1.463 billion in net earnings for the first nine months of 2008, 74.6% higher year-on-year. Its assets amounted to EUR 209.4 billion, EUR 4.4% higher compared to the end of 2007. The figures take into account the funds obtained after the sale of its insurance division. Without that figure, net earnings would have amounted to EUR 861.7 million for January-September.
by standard.ro, 29.10.2008


Shareholders, interested in selling BANCA TRANSILVANIA
The shareholders of BANCA TRANSILVANIA (Transilvania Bank) employed the services of MERRILL Lynch as consultant for the sale of the Cluj based lending institution and they have received two non - committing offers, one of them from a foreign bank active in Romania, according to those declared by bank sources for MEDIAFAX.
Up until the time this information was transmitted, Horia CIORCILA, Chairman of BANCA TRANSILVANIA Administration Board, and the most significant individual shareholder, with almost 5% of the capital, did not want to comment the information.
Together with Horia CIORCILA, most of BT shares are owned by companies and businessmen from Cluj, close to him, each of them having maximum 5% of the stock. The largest shareholder of the bank is the European Bank for Reconstruction and Development (EBRD). EBRD joined TRANSILVANIA Bank shareholders in 2001, with a participation of 15%, which they have diminished in time to 14.54%, based on the latest reports available on the web site of Bucharest Stock Exchange (BVB). According to the data supplied by the bank at the end of September, a participation of 61.68% is owned by Romanian investors and 38.32% by foreign investors, as follows: Romanian citizen individuals - 39.91%, legal entities with Romanian capital - 21.77% (out of which SIF 14.60%), individuals citizens of other countries - 6.01%, legal entities with foreign capital - 32.31%.
by MEDIAFAX, 3.11.2008

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


IV International Congress "World Views for LIFE INSURANCE in Eastern Europe, CIS and Asia"
November 13th-14th, 2008
Sheraton Hotel, Warsaw, Poland
Organizer: RUSSIAN Polis
Media Partner: PRIMM Magazine - Insurance&Pensions
Details: www.in-sure.ru


Global Pension Funds & Alternative Investments
November 13th-14th 2008
Vienna, Austria
Organizer: UNIGLOBAL Research
Media Partner: PRIMM Magazine - Insurance&Pensions
Details: www.uniglobalresearch.eu


EURO FINANCE WEEK
November 17th-21st 2008
Frankfurt, Germany
Organizer: MALEKI Group
Media Partner: PRIMM Magazine - Insurance&Pensions
Details: www.malekigroup.com


Insurance Fraud
November 24th-25th, 2008
London, UK
Organizer: MARCUS Evans
Media Partner: PRIMM Magazine - Insurance&Pensions
Details: www.marcusevans.com


November Business Meetings of Reinsurers
November 27th-28th, 2008
Hotel President, Moscova
Organizer: ARIA - Asociatia Reasiguratorilor din Rusia
Media Partner: PRIMM Magazine - Insurance&Pensionsi
Details: www.nbm-moscow.ru

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World Views for LIFE INSURANCE in Eastern Europe, CIS and Asia
November Business Meetings of Reinsurers

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, Mihai CRACEA, Andreea STATE, Andra BADESCU
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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