Romanian non-life insurer EUROINS announces the completion of the capital increase of RON 200 million.

The Financial Supervisory Authority from Romania - ASF has placed the local company CITY Insurance under financial recovery procedure. CITY Insurance must appoint an auditor and submit to the ASF a financial recovery plan, within 20 days.

By Q1 2016, the insurance company EUROINS Romania has received capital increase payments from its parent company amounting to RON 135 million, thus completing 70% of the capital raising program initiated in October 2015 that will be finalized in April 2016.

The best Romanian insurers and insurance brokers were awarded on yesterday evening, in the Insurance Market Awards Gala. The awards granted by the XPRIMM Publications have highlighted the achievements of companies and insurance brokers in 2015.

This evening the best performances in the Romanian insurance market will be awarded by XPRIMM at the 16th edition of the Insurance Market's Awards Gala. This year the event will also celebrate the Romanian folk traditions, a rich display of Romanian traditional costumes and crafts, celebrating creativity and performance.

International Insurance Consortium (IIC), a Netherlands based company focussed on Eastern and South eastern European insurance companies, has reached and signed an agreement with the owners of the Romanian insurance company Carpatica Asig concerning the transfer of 100% of the shares of Carpatica Asig to IIC.

According to data recently presented by the Romanian Financial Supervising Authority (FSA), the Romanian insurance market ended 2015 with GWP of EUR 1.97 billion, 8.22% up y-o-y. The total figure includes GWP by ASTRA in the first half of the year, before triggering the bankruptcy proceedings of the company. Disregarding the ASTRA results both for 2015 and 2014, the market growth stood at about 14.3% y-o-y.

Life insurer NN Asigurari wrote gross premiums of EUR 141 million last year, up by 2.4% compared to 2014. The turnover grew as policyholders bought more expensive policies. Customers paid an average premium of EUR 390 last year, up by 2.4% over 2014, for an average insured amount of EUR 12,600, 13% higher.

Romanian insurer Allianz-Tiriac Asigurari said on Wednesday its gross written premiums rose 7.2% to 1.06 billion lei (238.1 million euro) in 2015.  The increase came from general insurance operating revenues, which rose by 7.5% to 952 million lei in 2015, Allianz-Tiriac Asigurari said in a statement.

Kurt KARL, Chief Economist and Head of the Economic Research and Consulting within SWISS Re, as well as Coordinator of the well-known SIGMA publications, has confirmed his participation as Keynote Speaker at FIAR 2016. Kurt KARL is recognized worldwide for his professional skills, being nominated by important economic publications among the top economists globally with the most accurate financial estimates.

The best Romanian insurance brokers were rewarded on Thursday, February 18, in Bucharest, for the results achieved throughout year 2015. The Insurance Brokers Awards Gala rewarded innovation and high quality in the services provided to customers, as well as the most successful experiences recorded in the cooperation between insurers and insurance brokers.

A proposal launched by the Romanian Financial Supervisory Authority (ASF) may ease foreign insurers' access on the Romanian MTPL market by canceling certain restrictive requirements which currently have to be met in order to get the licence for the mandatory MTPL insurance sales.

The Romanian Financial Supervisory Authority (ASF) announced will apply resolution measures at the non-life insurer CARPATICA Asig and appointed the Policyholders Guarantee Fund (FGA) as temporary administrator.

The insurance company GRAWE Romania, part of GRAWE Group, announced earlier this year its intention to enter the MTPL and Motor Hull insurance segments. The company filed the required authorization documentations and it is currently waiting for the approval of Romania's Financial Supervisory Authority (ASF).

On January 11, 2016, the Romanian non-life insurance company CARPATICA Asig announced it has begun to go through a due diligence* procedure, during which a strategic investor interested in taking over the company will evaluate its financial, commercial and operational activities and indexes.

Romanian general insurer Carpatica Asig, which is undergoing a financial recovery procedure, said on Monday its daily gross written premiums rose 43% to 2.9 million lei in 2015. Claims paid by the insurer totalled 382 million lei in 2015, Carpatica Asig said in a press release.

Romanian general insurer Carpatica Asig, which is undergoing a financial recovery procedure, said on Wednesday it raised its share capital by 10 million lei to 34.3 million lei. The capital increase was carried out via a cash injection, the insurer said in a statement. In September the company raised its share capital by 2.5 million lei.

Romanian insurer Astra Asigurari will be delisted from the alternative trading segment of the Bucharest Stock Exchange, BVB, on Monday, a document sent by Romania's financial regulator to the bourse on Friday shows.

Romanian general insurer Carpatica Asig, which is undergoing a financial recovery procedure, said on Monday it has attracted a strategic European investor with whom it signed a memorandum of understanding on December 21.

Romanian non-life insurer Euroins said on Wednesday it has received an 80 million lei capital injection from its Bulgaria-based parent, Euroins Insurance Group. Euroins Romania will receive another 120 million lei capital injection in the first quarter of 2016, the company said in a press release.