ROSGOSSTRAKH sold its share to Moldavian Insurer MOLDASIG

16 August 2012 — Olesea ADONEV
moldasig120Russian insurance group ROSGOSSTRAKH left the insurance market of the Republic of Moldova by selling its majority share of 80% to local insurance company MOLDASIG. The deal was realized by selling the shares through stock exchange in five transactions to foreign interest companies. Total value was of MDL 194.73 million, an equivalent of EUR 12.8 million. Selling price of a single MOLDASIG share with a nominal value of MDL 100 was at MDL 410.92 according to information published by the stock exchange market of Moldova in 25th of July 2012.

According to local press the new owners of MOLDASIG are TRANS-GROUP (15%); ICSSV-INCOLECT (16%); ICS STOCK-TRADING (13%); ICS SEMGROUP-SYSTEMS (16%); PROLINA-PRIM (17%). Also among MOLDASIG shareholders remains the Financial Bank (10.2%), the Railway of Moldova (5%) and Moldavian Post (4.8%).

In 2008, ROSGOSSTRAKH insurance company became the owner of a 80% stake, after a capital increase by MDL 48 million through a subsidiary from Cyprus LINEKERS Investments Limited. The company wired EUR 3 million to MOLDASIG account, representing the contribution to the capital increase, reaching this way to hold 80% of the shares. As a result of this transaction the name of the company changed to I.M. Moldo-Cypriot International Insurance Company MOLDASIG.

MOLDASIG insurance company is the leader in the Moldavian insurance market and was founded in 2002 by 3 state companies: Financial bank 51%, Railway of Moldova 25% and Moldavian Post 24%. In 2011, MOLDASIG was the biggest insurer from the Republic of Moldova with a market share that reached 28%, recording business of EUR 17.3 million. Also, with MDL 60 million, MOLDASIG is the second most capitalized company in Moldova, after SIGUR-ASIGUR (MDL 67.4 million).

We remind you that in the end of October 2011, MOLDASIG expanded their activity in Romania by the acquisition of Insurance company ASITO KAPITAL.

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