"Our shareholders have analyzed the market in Ukraine and found that there is a potential for development in this market. Although, currently, there are some difficulties in in the insurance industry in this country, we believe that in the future these will be solved. The investment was a reasonable one and we are expecting the local authorities' approval to complete the transaction, estimated to take place on June 30 this year", said Marcel PIRCIOG, CEO of ASITO KAPITAL, for the specialized portal www.xprimm.md.
The insurance company STAR-POLIS was founded in 2008, with a registered capital of 8 million hryvnia (about 335,000 euro). Last year the company had a net profit of 5.4 million hryvnia (226,000 euro). According to the press release published on the SMARTBANK's website, the Romanian insurer will become a shareholder at this local bank, where STAR-POLIS also owns 40% of the shares.
"The new shareholder intends to implement the global experience he has gained over the years in the development of the Ukrainian insurance company. His aim is to expand the list of insurance products and to increase the customer base in the markets of Central and Eastern Europe", reads the SMARTBANK press release.
ASITO KAPITAL is owned by the largest insurer in Moldova - MOLDASIG, founded in 1998. In the early years, ASITO KAPITAL's main purpose was to ensure assets and businesses run by LUKOIL group in Romania. In 2003, the company began to attract its first customers outside the group, both from the corporate segment and from the retail one.
At the end of 2014, ASITO KAPITAL's premiums totaled 12.5 million lei (2.8 million euro), down from 16.3 million lei in 2013. The company was ranked 33 on the Romanian market by the volume of premiums, according to the INSURANCE PROFILE.
The insurer portfolio was formed of about 24% - property insurance, 21% Motor Hull insurance, 21% - insurance guarantees, 20% - liability insurance, 7% health policy and 5.5% accidents and diseases insurance.
MOLDASIG is the insurance market leader in Moldova, with a market share of 23.45%, having had 15.13 million euro in premiums in 2014.
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