Groupama’s subsidiaries in Romania include Asiban, BT Asigurari, OTP Garancia Asigurari. The insurer said it had received the supervisory approval for the merger of Asiban and BT Asigurari. The merged company will begin writing insurance in the local market under its new name Groupama Asigurari at the end of September.
Revenues from property and casualty segment fell 7.9% in the six months through June this year, while life and health revenues dropped sank 38.6%.
Motor insurance and liability insurance revenues contracted by 3.0% and 2.6%, respectively, due to a 50% drop in new car sales in first-half 2009 and the Group’s more selective approach to new business, designed to improve underwriting results.
Under the merger agreement published in the Official Gazette in June, Asiban will be merged with and into BT Asigurari, and the capital of the purchaser will increase 3.5-fold to 1,042 billion lei. Following the agreement, Asiban will dissolve without liquidation, its inventory being transferred to BT Asigurari (purchaser). The newly-formed company will write insurance in Romania under the name Groupama Asigurari.
Subsequently, Groupama SAS will hold 99.99997% of the capital of the new company, and Groupama Investissements SAS will take up the remaining stake.
The three companies under Groupama’s umbrella – Asiban, BT Asigurari and OTP Garancia – recorded gross premiums written of over 1 billion lei (272.5 million euros), up 17.8% from a year earlier.
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