No. 101, January 31st, 2008

Click here to subscribe!
Click here to unsubscribe!
Powered by Media XPRIMM

Life insurance or pensions? Who is about to win?

The last months were marked in Romania by a real madness regarding the adherence to the IInd Pillar. As normal, the main actors on this new market are the traditional players on the life segment. This is why, at the moment, the funds that are active on the IIIrd Pillar are managed by companies present in Top 10 life insurance. In the same time, from the 18 funds that were lined up at the start for the IInd Pillar, 11 have among their shareholders insurers with experience.

That profound reform that affects the Romanian society has serious repercussions on life insurance line of business. Therefore, if in beginning of 2007, the specialists bet on a year of life insurance, forecasting spectacular results regarding this domain, the figures obtained after the nine months of the previous years, contradict the optimistic visions.

In this direction, the increase under the market average obtained by the life insurance may be caused by the focused of the operators for obtaining better results in what concerns the private pensions.

In the first nine months of this year, the written premiums from life insurance have increased, in real terms, with 18.66%, compared with the previous year, the amount of premiums reaching EUR 308.8 million. Although the difference is not necessarily significant, in the same time period, the non-life segment has realized a growth of 19.7%, which is 1% higher than on life segment.

Among the causes that lead to this phenomenon, we should identify the fact that the sales force was mobilized for the adhesion campaigns for the IInd Pillar, while the companies have given up to the life insurance products, similar to the pensions one promoted before.

But only the time can establish a winner between life insurance and private pensions… What is yet certain is the fact that the protection deficit recorded in Romania is so high, and this can be covered only through insurance, while the development of the middle class will affect the increase of this segment...

by mihaela.circu@mxp.ro

sus up

BCR Asigurari de Viata


OMNIASIG Asigurari de Viata


Interview with Mr. Bogdan STAN,
Chief Executive Officer,

XPRIMM: How would you characterize both quantitative and qualitative the evolution of ASITRANS Euroins in 2007?
Bogdan STAN:
In 2006, we registered the highest growth rhythm, approximate 145%.
The same rhythm we could have in 2007 too, but the company's management had decided to raise the underwriting process's standards. For example, at the beginning of 2007, ASITRANS Euroins imposed the compulsory deductible franchise for motor hull. Also, 2007 was negatively influenced by the Romanian's integration in the European Union, the green card policies and travel policies significantly diminishing.
Last year was a confirmation year, the business figure growing to almost EUR 30 million. ASITRANS Euroins has proved to be a stabile company, a top 10 company, with almost 100 units in the territory and over 500 employees.

XPRIMM: Which are the company's objectives for 2008?
B. S.:
The company aims a EUR 50 million business figure, a rank in Top 10 at the end of 2008 and beginning of 2009, a rebranding and a notoriety's transfer from ASITRANS Euroins Asigurari to EUROINS Romania. Another important goal is the development of a franchise network in the country. This kind of franchise will attract a lot of valuable people within the company, from insurance inspectors to agents and even brokers, who will understand quickly that this system guarantees significant incomes.

XPRIMM: To what kind of challenges do you expect this year at the insurance market level?
B. S.:
Loss ratio on motor segment will reach unpleasant values for many insurance companies. One must say that loss ratio is the difference between claims and cashed premiums. The claims can in a way be controlled by insurers, but the quantum of insurance premiums depends exclusively on them. The idea that I want to highlight is that the tariffs of some companies for motor hull and motor third party liability are too low. Back to the question, one of the challenges is the loss ratio, grown because of the low tariffs. In 2008, besides the company which will buy ASIBAN, I estimate that 2 more important companies will enter the Romanian market by Greenfield or Brownfield investments.

XPRIMM: ASITRANS Euroins had one of the most visible promotion campaigns for motor third party liability. Which was the investment in advertising?
B. S.:
ASITRANS Euroins hasn't invested in the promotion of motor third party liability, though appearances show something else. This promotion campaign was a intermediary phase in the transfer of notoriety to EUROINS Romania. Regarding the motor third party liability campaign, I regret the lack of creativity and persistence through which the promotion of this financial product is linked to childish offers as trips abroad, raffle and so on.

XPRIMM: When the rebranding campaign is going to start and which are its phases?
B. S.:
The process has already begun during December - January, the motor third party liability campaign being the pretext for the rebranding. The moment we'll get the necessary notices, probably in February, we will take the name EUROINS. The rebranding of ASITRANS Euroins will start within the company, from employees and will continue in all operations - advertising campaign, visual identity and press relation.

XPRIMM: How do you consider the competition pressure, provoked by the high interest of strategic investors in entering the Romanian insurance market, will influence the local hierarchy?
B. S.:
I estimate that in the following two or three years there is the possibility of witnessing to the acquisition of an important regional player by a company unrepresented in Romania because at present there are three, four players which are inactive in our country or in the region. These companies are likely to make their appearance by taking over of a regional company. As concern the hierarchy, I believe they will change according to the context, taking into consideration that among the first 10 companies there are some companies which are related to one distribution channel and others which aimed only the market share, with great concessions.

XPRIMM: Thank you!

by mihaela.circu@mxp.ro

sus up

Bogdan STAN
Mr. Bogdan STAN,
Chief Executive Officer,


During a press release from 22nd of January 2008, GROUPAMA announced its interest in ASIBAN.
Click here to read more!
Also, the representatives of FONDARIA SAI have confirmed they made an offer for the acquisition of the same Romanian company.
For GROUPAMA 2007 meant an aggressive expanding strategy in Central and East Europe. Thus, it entered the Romanian market in 2007 by taking over BT Asigurari.
According to some sources AXA, UNIQA, AEGON, MUNICH Re and GENERALI have expressed their intention of buying ASIBAN too.
The four shareholders banks (BCR, BRD, Banca TRANSILVANIA and CEC) of ASIBAN estimate the transaction to occur in the first half of 2008.
by mihaela.circu@mxp.ro, 23.01.2008

GENERALI plans acquisitions in Romania
Company Assicurazioni GENERALI intends to extend its presence in Central and Eastern Europe (CEE), including Romania and in the United States of America through several acquisitions. "We intend to develope our business in Romania, Poland and Turkey", Sergio BALBINOT, GENERALI Co-President stated.
Click here to read more!
With a EUR 1 billion acquisition budget, the insurer from Trieste confirmed a non-engaging offer deposition for taking over the Romanian company ASIBAN.
The GENERALI's official also said the group doesn't exclude joint-venture agreements with the local insurers.
Starting this months' first half, GENERALI and PPF Holding form one of the biggest insurance groups from Central and Eastern Europe.
In this way, GENERALI PPF Holding will develop operations on Czech, Slovakian, Polish, Hungarian, Romanian, Bulgarian, Ukrainian, Russian, Serbian, Slovenian, Croatian and Kazakh insurance markets.
As a result of this action, the number of GENERALI clients, the new leader of the CEE insurance market, will rise up to over 9 million in those 12 countries where the group is present.
Both GENERALI and PPF are present on the Romanian profile market through GENERALI Asigurari, FATA Asigurari and respectively through ARDAF and RAI Asigurari but so far no decision regarding the way that GENERALI PPF Holding will regroup its forces in our country was made public.
by mihaela.circu@mxp.ro, 31.01.2008

Prior authorization for SIGNAL Iduna
The Insurance Supervisory Commission has offered to the first insurance company in Romania - SIGNAL Iduna Asigurari de Viata - of German insurer SIGNAL Iduna the prior authorization to operate on the Romanian market.
Click here to read more!
The company will start to operate after it is going to get the final authorization, on the ground of EUR 20 million investments.
SIGNAL Iduna Asigurari de Viata will offer to its clients a large range of life insurances, accidents and supplementary of high quality.
Moreover, the company intends to become the leader of voluntary health insurance in Romania considering also the experience of the German shareholder.
by alexandru.ciuncan@mxp.ro, 25.01.2008

CRAWFORD enters the Romanian market
Romanian PAVALASCU Risk Consultants signed an association contract with the loss-adjusting company CRAWFORD&Co. The official start of this partnership took place on 29th of January at an event hosted by Athenee Palace Hilton Hotel from Bucharest.
Click here to read more!
"We are pleased by this association and we trust the experience of PAVALASCU Risk Consultants, doubled by our unconditioned support will lead to a fast integration of the company among us, in order to offer services at international standards on the Romanian insurance market", Stavros ARTOPOULOS, Country Manager at CRAWFORD has stated.
"Our new partners are the greatest and the most respected loss adjusting company in the world and I consider as very important the fact they accepted starting this strategic and exclusive partnership for the Romanian market, thanks to our services' quality and to the high level of the recommendations we received", Narcis PAVALASCU, Managing Director of the Romanian company declared us.
"By this contract, our society will represent CRAWFORD's interests exclusively on the Romanian market, an extra proof of the quality of the services we provide both at national and international level", he added.
"We think the loss-adjusting segment is very low represented in Romania but has real growth potential if we take into consideration that 80% of the losses are globally closed-up through this system", Stavros ARTOPOULOS explained.
"We estimate that in the next five years, 10% of the claims in Romania will be solved by a loss-adjusting company", Narcis PAVALASCU concluded.
by mihaela.circu@mxp.ro, 31.01.2008

ASITRANS Euroins has green light for Hungary
ASITRANS Euroins has got from the Insurance Supervisory Commission the authorization to operate in Hungary according to the free movement of services principle. This is part of the company's strategy for 2008.
Click here to read more!
"Our activity's expand in other countries is part of the group's strategy to develop EUROINS into a regional company. The major shareholder of ASITRANS Euroins Romania plans in 2008 the acquisition of insurance companies from Serbia, Macedonia and Turkey", Bogdan STAN, CEO of ASITRANS Euroins declares.
In 2007, the insurer expanded the territory network in Romania, to approximate 100 units and this year the development will continue. Another important objective is the development of a franchise network in the country. "This kind of franchise will attract a lot of valuable people within the company, from insurance inspectors to agents and even brokers, who will understand quickly that this system guarantees significant incomes. We estimate for 2008 to open another 50 franchise units", Bogdan STAN has mentioned.
by mihaela.circu@mxp.ro, 28.01.2008

4 million of private pensions
According to the last report from 25th of January 2008, 18 administrators of private pension (Pillar II) gathered almost 900,000 adhesions.
Click here to read more!
Thus, according to the National House of Pensions and Other Insurance Rights, 877,650 adhesions were reported. This value will alter after the two validation phases will be operated", Mariana CAMPEANU, President of National House of Pensions and Other Insurance Rights has stated.
At present, the number of signatures gathered by the 18 funds exceeds 4 million, exactly 4,056,765 participants. From this total the double signatures will be eliminated. Those eligible persons who haven't adhered to a private pension fund until 17th of January 2007 will automatically enter in the distribution lottery. "From the National House of Pensions and Other Insurance Rights' point of view, the lottery will take place after 25th of February 2008", the quoted official has mentioned.
These figures thwart the specialists' initial estimations who have evaluated the market to approximate 3.5 millions participants.
by liviu.huluta@mxp.ro, 28.01.2008

Assets under management in Pillar III - EUR 4 million
EUR 4.16 million is the total assets under management of the seven facultative pension funds active in Romania, considering the present exchange rate.
Click here to read more!
Out of all these, the largest volume, approximately 45% of the total, is administered by BCR Asigurari de Viata, namely through its BCR Prudent pension fund. The recently published financial results by the CSSPP (Private Pension System Supervisory Commission), haven't brought by any changes in this respect, the market hierarchy remains the same as for the previous report.
The total growth of the net assets did not register a remarkable value either, capered to the previous report issued by the CSSPP, thus maintaining the slow rhythm that began at the end of last year. On the other hand, no significant increase of the net assets volume is expected until the end of January, when many of the participants will have their contributions distributed towards their chosen facultative pension funds.
In what concerns the number of participants, ALLIANZ-TIRIAC Pensii Private still has the largest portfolio with 14,486 participants for AZT Moderato and 11,752 for AZT Vivace. The investment performance was registered by ING Optim and ING Classic as they currently have the highest unit value of 10.74 and 10.69, respectively. For this indicator, OTP Strateg continues to have its weakest performance, well under the market average, as the value of its unit value is merely a third of its initial.
by daniela.ghetu@mxp.ro, 31.01.2008

Capital increase at ASIROM
Insurance company ASIROM will increase its share capital at EUR 50.04 million through an 929 million shares issue, at a nominal value of EUR 0.03 per share.
The decision is to be taken at the Shareholders General Assembly which will be kept on February 29.
Click here to read more!
Also, this occasion will include discussions upon changing the companies' name and the adoption of the new logo. The variant proposed for the new name is "Asigurarea Romaneasca - ASIROM Vienna Insurance Group".
At the same time, the introduction of a dual management system by a Supervision and Management Council will be suggested.
The majority owner of ASIROM is now VIENNA Insurance Group (VIG) with 98.5%, after some direct and indirect shares acquisitions.
For the first nine months of 2007 ASIROM posted total earnings of over EUR 134.5 million, up 4.47% from the 2006 same period, representing 66.4% of its previous target for the whole year 2007.
Gross written premiums rose up to EUR 128 million in the analyzed period, EUR 17.7 million from life insurance and EUR 110.3 million from the non-life segment.
In early November 2007, VIG bought a 20.2% stake in ASIROM, taking the control upon the company with over 50%.
The value of the two transactions that made VIG the majority owner of ASIROM was EUR 75.8 million.
by mihaela.circu@mxp.ro, 31.01.2008

BT Asigurari doubles its share capital
BT Asigurari is going to double its share capital. One of the new company's shareholder GROUPAMA measure was to grow the share capital to RON 60 million. Thus, the capitalization of BT Asigurari will reach RON 127.5 million.
Click here to read more!
At the end of 2007, GROUPAMA and Banca TRANSILVANIA signed the closing certificate of the transaction regarding the financial institution's participation to BT Asigurari. This way, Banca TRANSILVANIA cashed EUR 76.5 million, representing 85% of the EUR 90 million negotiated price. The price difference will be paid in 2008.
At the moment when transaction was announced one stated that is likely the final price to rise according to the financial results of BT Asigurari in 2007.
BT Asigurari is on the 9th position in the top of non-life insurance top and 12th position in the life insurance top, with a 4% share market. In the first semester of 2007, BT Asigurari had almost EUR 40 million business figure, up with 40% than the similar period of last year. Between 2004 and 2006, the company registered a 162% increase, while the profile market had a 54% evolution in the same period. In Romania BT Asigurari is on the second insurer regarding the territory network, with more than 270 agencies and work center.
GROUPAMA is ranked third on the French profile market. It is present on the market since 19 century. It started its activity as mutual company, continually developing as modern company and offering a large range of insurance products in France. GROUPAMA has a branch in Hungary and representations in Greece, Italy, Great Britain, Portugal, Spain, Turkey, China and Vietnam. The Company's revenues in 2006 were EUR 14.2 billion.
by mihaela.circu@mxp.ro, 23.01.2008

Available amount of EUR 13.19 million at FPVS
FPVS-Street Victims Protection Fund has a financial available amount of RON 49 million, an equivalent in EUR of over 13 million.
"Out of the 259 cases initialized until the end of 2007, we managed to solve 200, as the other 59 are being in different stages of resolution, 21 of which are on trials", Ovidiu CIOBANU, President FPVS, has declared.
Click here to read more!
"We specify that all the compensation applies addressed to FPVS, either directly or through MTPL insurers - legitimate or not - have been registered and are serving as subject to some files the Fund has opened, included in the total number of 259 cases. I think this specification is necessary as we intend to avoid every speculation or affirmation according to which there are many other cases FPVD should interfere in by granting the compensation and it doesn't from various reasons", Ovidiu CIOBANU added.
The Insurance Supervisory Commission has recently reduced the contribution rate of insurers at FPVS at 1.5% from 2.5%.
"I would first assure you that the contribution and available financial amount levels FPVS benefits from are able to offer the certainty Romania would be able to honor all the obligations arisen from the transfer in the internal legal frame and from the application of Directives 84/5/CEE and 200/26/CE", the FPVS President concluded.
by mihaela.circu@mxp.ro, 22.01.2008

sus up

Competitive Distribution Strategies For The Insurance Sector

"Life and Pension Insurance and NPF in CIS", 7th-8th February 2008
This February beginning will bring along the lessons to be learned in order to prosper from CIS fast growing life insurance and pensions markets with the occasion of "Life and Pensions Insurance and NPF in CIS" Conference. The event, organized by Marcus Evans will took place between 7th ans 8th of February in Amsterdam, The Netherlands.
This vital event is a MUST for life and pensions insurance companies and NPF who are already operating in Russia and CIS or are planning to bring their business to the region.
The composition, structure and organisation of the life insurance and pension sectors in CIS are evolving under the influences of the government reforms and regulations, growing competition, market demands and increased turnover within the industry.
Marcus Evans 4th annual International Conference "Life and Pensions Insurance and NPF in CIS", supported by PRIMM-Insurance&Pensions Magazine as Media Partner, offers participants a chance to view life and pensions insurance and NPF operations from different perspectives including the views of the life and pensions insurers, reinsurers, NPFs banks, corporations, asset managers, IT providers and consultancies.
by andreea.ionete@mxp.ro, 31.01.2008

Moscow International Reinsurance Congress
Reinsurance markets of the CIS, Baltic and CEE countries are one of the world’s most rapidly growing regions with gross written premiums totaling over EUR57 billion in 2006.
Topics as strengthening and developing the reinsurance industry in the region, integration of national reinsurance markets in the global market as well as fostering modern technologies and raising investment appeal of the region are the main goals of the Moscow International Reinsurance Congress.
The event is organized by the Russian Polis – Information Group jointly with the Transsiberian Reinsurance Corporation on March 25-26, 2008.
The PRIMM-Insurance&Pensions Magazine is a Media Partner of the Conference.
The event aims not just to outline the challenges that the reinsurance professionals faced throughout the last year but, more important, find the ways to meet them and, in particular, discuss the prospects for cooperation with reinsurers from CIS and other nations.
The list of invited speakers includes national regulators, experts and senior managers of national and international reinsurance, brokerage and insurance companies from Western and Eastern Europe as well as CIS and the Baltics.
by oleg.doronceanu@mxp.ro, 31.01.2008

All-Russia Conference on Reinsurance, at the 12th Edition
The 12th All-Russia Conference on Reinsurance, one of the most important insurance events in Russia and CIS is getting closer. This year, between the 27th and 28th of March, the insurers, reinsurers and brokers with business in Eastern Europe and Asia have made their schedule to participate at the 12th edition of the reinsurance conference held in the President Palace, Moscow.
The PRIMM-Insurance&Pensions Magazine is a Media Partner of the Conference.
The 12th All-Russia Conference on Reinsurance has become a major forum for exchanging opinion, formulating the reinsurance community's consolidated positions on key issues, establishing contacts between businesses and people and conducting dialogue between professionals and government authorities.
The attendance of the last years' conference included over 442 members from 185 companies and government agencies from 18 countries - Azerbaijan, Bahrain, Belarus, Czech Republic, France, Germany, India, Indonesia, Kazakhstan, Latvia, Malaysia, Poland, Russia, Switzerland, Transdniester Moldavian Republic, Ukraine, United Kingdom and Uzbekistan.
The conference captured the attention of insurers' unions and associations, business community, government authorities, and numerous editions and electronic media.
by oleg.doronceanu@mxp.ro, 30.01.2008

Over EUR 650 million for the Bulgarian insurance market in 11 months
In the first 11 months of 2007, the Bulgarian insurance companies had reported gross written premiums of EUR 651.5 million, with 16% for the life insurance segment, according to dnevnik.bg.
The Bulgarian life insurance market rose 33% to EUR 104 million in premiums for the period January-November 2007.
The top four life companies - ALLIANZ Bulgaria Life, DZI, UNIQA Life and ING Life Bulgaria, are losing ground to the competition. Their combined market share has fallen from 73% in November 2006 to 68% a year later.
Life and annuity insurance continues to generate the biggest share of life premiums, 72.7%. The premium revenue under this category was reported at EUR 75.75 million for January-November 2007.
Unit linked life assurance posted the biggest year-on-year gain in terms of revenue at 56%. It now accounts for 9.2% of the insurers' portfolio.
A total of seven companies sell unit linked life assurance in Bulgaria.
The general insurance market rose 21% year-on-year to EUR 547.3 million in January-November 2007.
The top four general insurers - BULSTRAD, DZI General Insurance, ALLIANZ Bulgaria and BUL Ins, combined for a market share of 54%.
The top-selling types of general insurance policies are general motor insurance (46.8% market share) and motor third party (21%).
Financial risk insurance is gathering in popularity with credit insurance premiums up sharply by 60.9% and sundry financial losses premiums up 53.7%.
by irina.galasanu@mxp.ro, 31.01.2008

Tenfold values for the Ukrainian insurance market in a couple of years
According to League of Insurance Organizations of Ukraine (LIOU), in 2007, the national life insurance market is going to reach USD 128 million. At the same time, la claims paid by the Ukrainian insurers will represent about USD 4.5 million.
According to LIOU specialists, in comparison with 2006, the total amount of gross written premiums increased by 45%, and the claims by 44%.
"During the next couple of years, the main financial figures of this sector will report tenfold values", considers Alexandr FILONYUK, President of LIOU.
"A very important feature is that the life insurance policies are opened for at least 10 years, that's why the highest point are going to happen in a few years. Thus, the contracts will reach the maturity in 2012-2015", added Alexandr FILONYUK
Also, the Ukrainian non-life insurance segment is going to reach USD 3.5 billion in terms of gross written premiums. Regarding the claims, the figure is estimated to be of USD 900 million.
Considering this data, in 2007, the total amount of gross written premiums increased by 27.5% compared to the previous year.
Meanwhile, the claims paid by the non-life insurers in 2007 are estimated to reach USD 514.8 million, 73% up compared to 2006.
by irina.galasanu@mxp.ro, 29.01.2008


sus up


Russian Polis

Foreign investments to reach EUR 7 billion in 2008
Auto, construction materials, wood processing and pharmaceutical sectors will be the main areas to absorb foreign direct investments (FDI) this year. Romanian Agency for Foreign Investments (ARIS) estimates foreign investments at EUR 7 billion.
The FDI level for 2008 is similar to that in 2007, but under the record level of EUR 9 billion in 2006, when the state obtained EUR 2.2 billion from the privatization of Romanian Commercial Bank (BCR) alone.
by standard.ro, 31.01.2008

ERSTE to be listed on Bucharest Stock Exchange in February
ERSTE Bank shares will be listed on the Bucharest Stock Exchange (BVB) on February 14, Arjen JANMAAT said, Senior Manager for Group Strategy at ERSTE Bank, in a press conference today.
BVB's Board of Directors also approved the admission of the Romanian Commercial Bank (BCR) as a participant in the capital market trading system and specific parameters of market maker activity at BVB, aligned with international practices. The market maker institution is a first for Romania. JANMAT said that ERSTE Bank is "the first foreign company whose shares will be listed on the Bucharest Stock Exchange."
by standard.ro, 31.01.2008

TRANSILVANIA Bank triples its profits
TRANSILVANIA Bank reported net profit for 2007 worth RON 340.47 million (EUR 102 million), 2.83 times higher than profit in 2006, against a backdrop of an 71.6 percent increase in total assets, to RON 13.875 billion (EUR 4.15 billion ).
BT is fourth in terms of total assets in the local banking system. Its financial results were significantly influenced last year by the sale of 90 percent of its BT Asigurari insurance division shares to French insurer, GROUPAMA, for EUR 90 million.
The bank granted loans in 2007 worth a total RON 8.56 billion (EUR 2.56 billion), 75 percent higher year-on-year. The value of TRANSILVANIA Bank deposits advanced 88.4 %, to RON 7.38 billion (EUR 2.21 billion). The bank's revenue by the end of 2007 doubled year-on-year, to RON 2.7 billion, while expenditures rose 88.5 percent, to RON 2.3 billion. BT has a 7 percent market share in the area of Real estate loans and mortgages. The bank's management is due to propose to shareholders in March 2008 that it approve the expansion of the bank's network to 500 units by the end of the year from a present 430 units. BT's loan portfolio structure is made up of 40 percent individuals and 60 percent corporate, including medical clinics.
by costi.boroda@mxp.ro, 31.01.200

BRD posts net profit in 2007 of EUR 263 million
BRD SocGen, owned by France's second-largest bank, Societe Generale, reported net profit in 2007 worth EUR 263 million, corresponding to a 41 percent increase year-on-year, according to National Bank of Romania (BNR) sources.
The rise is mainly due to an increase in consumer loans, loans for small and medium-sized enterprises (SME), and activities in the Real estate financing sector, added quoted sources. According to an analysis carried out by Business Standard editors, the crisis presently affecting SocGen is not being felt in Romania. The EUR 5 billion in losses, reported on its EUR 240 billion assets, will have a limited influence on SocGen's business, according to BRD officials. "BRD is not suffering in any way from this situation, which neither affects its viability nor its continuing development strategy on the Romanian market," according to a declaration for Business Standard by BRD's General Manager, Patrick GELIN.
by standard.ro, 31.01.2008

sus up



XPRIMM Newsletters


General Director: Sergiu COSTACHE Executive Director: Adriana PANCIU
Coordinator: Alexandru D. CIUNCAN

Editor in Chief: Mihaela CIRCU
Scientific Advisor: Daniela GHETU

Accounts Manager: Georgiana OPREA
IT Department: Octavian GRIGOR, Dorin PALADE

Edition Responsible: Mihaela CIRCU
e-mail:  xprimm@primm.ro


Reproduction or use without permission of editorial or graphic content, in any manner, is prohibited. The Editorial Staff is not responsible for the truthfulness or the accuracy of the presented data. The Editorial Staff has the right to present the data in it's own manner. In what concerns the use, in any manner, of the information contained in this e-mail, Romanian laws apply.

Copyright©2008 MEDIA XPRIMM

XPRIMM News - The Romanian Insurance Market Newsletter is best viewed with an active Internet connection.
Click here to subscribe!

Click here to unsubscribe!