The company MOLDASIG received the approval of the Insurance Supervisory Commission (ISC) for the acquisition of 99.9% of the shares of ASITO Kapital in Romania, according to the Moldavian insurer's officials. The decision comes after four months ago, the supervisory authority in Moldova - National Commission of Financial Markets - had also approved this transaction, the documents having been sent to ISC.

This is the first investment of a Moldavian insurer on the Romanian market, behind it being the leader of the Russian profile market, ROSGOSSTRAKH group. Thus, 80% of the shares of MOLDASIG were taken over in 2008 by the Cypriot subsidiary of the Russian insurer, LINEKERS.
 
ROSGOSSTRAKH has stated its intention to invest in the Romanian market since 2009, in the context of its strategy to expand on the markets from Central and Eastern Europe. "We are interested in the insurance market in Romania and we are preparing a development strategy for a local company", had stated back then Artur KHACHATUROV, President of ROSGOSSTRAKH.

MOLDASIG ranks first among the insurance companies in Moldova, with a market share of 24.5% and underwritings of EUR 7.4 million in the first quarter of this year.
 
After the first six months of this year, the underwritings of ASITO Kapital rose by 59.1%, reaching RON 51.66 million, compared with the same period last year, when the company had accounted for RON 32.47 million premiums. Meanwhile, the paid claims were maintained at a relatively constant level, of RON 4.65 million.

"In 2011 we intend to reach a minimal PBS level of USD 18 million and a profit of USD 325-400 thousand, if we do not take into account influences of the exchange rate", said Valentin MISOV.