Last months of this year bring changes on insurance market

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Last months of this year bring important moves on the insurance market: new managers and companies, a change in shareholdership of some companies and strategy modifications adopted by the big players.
According to an announcement made by the Romanian company in summer last year, Uniqa was going to increase its participation in Astra to 50%, plus a share.
 
On the other hand, Uniqa announced it was expecting that the takeover of the local company – Unita – from Vienna Insurance Group (VIG) would happen this autumn, after it receives all the needed authorizations. Unita is the 6th largest company on the local market, accounting for a share of 6.12%.
 
The current Unita owner, VIG, is to enter this autumn in the shareholdership of the two insurance companies of BCR Group – BCR Insurance and BCR Life Insurance. The announcement referring to the finalization of this transaction might appear even this week. In VIG portfolio there are already Omniasig, Omniasig Life and Asirom insurers.
A series of changes are expected at the level of the companies that are going to be controlled by Generali PPF Group, in case all approvals are obtained from the regulatory authorities.
 
The fist visible step was already made: the group announced that Marie Kovarova has been appointed as Generali future CEO, replacing Tudor Moldovan. Kovarova comes from Ceska pojit’ova, the biggest insurance company of Generali PPF. According to some sources on the market, she was going to be seconded by two deputy general managers, who still have to be announced: one will be in charge with Generali activity and the other with Ardaf and RAI, which will be part of the group.
 
Generali PPF signed an agreement for the control takeover of the other two companies and is expecting approval from the regulatory authorities. According to the same source, Generali will deal with „corporate” activities destined to the clients in this sector and with life insurance, whereas Ardaf and RAI will cover activities in the retail zone and individuals.
Head of communications of PPF Generali Richard Kapsa did not confirm these changes, stressing that the strategy for the companies in Romania will be outlined after all needed approval is got from the regulatory authorities.
 
If some big insurance groups enter the market by taking over some existing companies, others use the European passport. Porsche group is going to launch its activity through the opening of some branches. „The launching is set for the beginning of October”, said the future director general of this branch Virgil Chirica.
 
In the first months, the company will sell polices to those who get financing in the leasing system from Porsche for the acquisition of vehicles and, subsequently, to those who file for credits or buy cars in cash. The group already contains a leasing company, a bank and an insurance broker.
The value of the insurance market in Romania at the end of the first half of 2008 stood at 1.22 billion euros.
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