We remind you that only during this week you can register for the
4th Edition of ICAR - The International CAtastrophic Risks Forum.
At this moment, three weeks before the most important European event
dedicated to catastrophic risks, over 120 persons already confirmed
This edition will take place at the PARLIAMENT Palace in Bucharest,
Romania, between October 1st and 2nd, 2007. ICAR Forum 2007 is organized
by the World Bank, The Romanian Ministry of Interior and Administrative
Reform and Media XPRIMM.
CSSPP announced almost 90,000 agents
The number of marketing agents announced by the Private Pensions
System Supervising Commission (CSSPP) for Pillar II reaches 90,000.
Therefore, according to the supervising authority website, five entities
authorized 88,278 agents. Until now, the biggest number of marketing
agents has been announced by ING Fond de Pensii (33,856).
According to some estimations, the pension funds put stake on the selling
force formed of 250.000 agents, which will be remunerated with a commission
of about 30 EUR for each adhesion.
By this moment, CSSPP announced 14 administrators which will subscribe
in Pillar II competition. The adhesion period of the participants to
the privat administrated pensions' funds will start in less than one
week. Thus, September 17, 2007, will mark the official debut of Pillar
II in Romania.
by email@example.com, 11.09.2007
Towards a EUR 2 billion market
In the first semester of this year, the Romanian insurance market passed
the EUR 1 billion threshold as business volume. Thus, the value of
gross written premiums by the Romanian insurance companies reached
RON 3.6 billion, representing EUR 1 billion.
"We speak about a market that has all the premises to pass over, at the
end of this year, the EUR 2 billion threshold as volume of business", Angela
TONCESCU, President of the Insurance Supervisory Commission (ISC) stated.
Compared to the similar period of 2006's results, non-life insurance
line of business increased with 29.41%, while the life insurance sector
registered a positive evolution of 25.37%.
The non-life sector represents 81.18% of the total insurance business,
compared to 80.69% in the first semester of 2006.
The life insurance business's evolution is justified by the incoming
start of the Pillar II's private pension. The life insurance companies
focused their forces on preparing their entrance into private pension
The first 10 companies on the market made almost 84% of the total underwritings.
ALLIANZ-TIRIAC, OMNIASIG and BCR Asigurari are, in this order, the first
three companies in this line of business. With a market share of about
19%, ALLIANZ-TIRIAC holds its position as leader. OMNIASIG climbed one
spot, compared to the position occupied at the end of the first semester
of 2006, reaching second position. The company registered a nominal growth,
in EUR, of over 76%, compared to first 6 months of 2006.
The level of paid claims, in the entire Romanian insurance market, increased
by 36% in the first semester of 2007, compared to the similar period
of the previous year, reaching RON 400 million (EUR 121 million).
by firstname.lastname@example.org, 11.09.2007
Insurance mediation business: about EUR 200 million
The estimated value for the Romanian insurance mediation market passed
over EUR 195 million in the first half of 2007, marking a 21% increase
in comparison to the estimation for the similar period of the previous
Practically, the mediation market represents over 18% of the insurance
underwritings in the mentioned period. The first 10 companies in this
business totaled mediated premiums in value of over EUR 105 million,
which is more than half of the insurance brokerage market.
PORSCHE Broker, MARSH and AON Romania are, in this order, the first three
companies in the TOP 10.
You can read the complete results of the Romanian insurance and mediation
markets only in the next issue of the Insurance PROFILE Review.
by email@example.com, 11.09.2007
The operators go for the validation system modification
"One of the biggest difficulties forecasted in the Pillar II debut of privately
administrated pensions refers to the validation system of the pensions funds
participants. The actual regulations foresee that if it is registered a double
option from one participant, this will be invalidated for both pension funds
he opted for and will be automatically included in the repartition 'lottery'",
Dr. Crinu ANDANUT, Executive Director of ALLIANZ-TIRIAC Pensii Private,
declared within a press conference organized yesterday, on September 11.
"In the practical plan, this system can generate a massive wave of invalidations,
especially if we take in consideration the public disinformation. It wouldn't
be impossible that 30-50% of the expressed options to be invalidated. The disadvantage
is double: from one point of view, there will be multiple situations when faithfully
expressed options will be canceled; from another point of view, for the operators,
this will determine an extremely substantial volatility of the participants'
portfolio, fact that generates numerous problems, and obviously, useless costs",
the stated official considers.
According to him, the purpose of the operators, sustained by the majority
of important private pensions administrations companies, is to set up
series of successive validation phases, in order that options expressed
and validated during each phase can't be modified anymore by simply expressing
another option. "From our sources, this kind of system could be applied
without major additional efforts. Therefore the benefits could be very
important for all those implicated. That's why we hope that the availability
of CSSPP to settle the best legal framework for the system functioning
will perform in this case, as well as in the rest of situations in which
we fruitfully collaborate with the supervising authority", Dr.
Crinu ANDANUT added.
ALLIANZ-TIRIAC Pensii Private has as objective the leader position obtaining
on the private pensions sector (Pillar II and Pillar III), investing
over EUR 4 million in the marketing campaign.
Concerning Pillar III, the company estimates the attraction of over 20.000
participants by the end of this year. Also, the society forecasts an
administrating asset volume of EUR 60 million in 2010 and EUR 300 million
ALLIANZ-TIRIAC Pensii intends to reach a market share on Pillar II of
30% (number of participants), therefore by the end of 2008 to own assets
in administration of over EUR 60 million. ALLIANZ-TIRIAC Pensii Private
supports, as Official Partner, the cycle of Private Pensions Regional
Forums. After Cluj-Napoca (June 28 this year) and Sibiu (August 2 this
year), the Municipal Iasi will be the host, on September 13 c.y., of
the next Private Pensions Regional Forum, which will take place with
the CSSPP Official Support.
by firstname.lastname@example.org, 12.09.2007
AVIVA acquires CERTINVEST in Romania
Insurer AVIVA has entered into an agreement in Romania to purchase 99.8%
of the shares of CERTINVEST, a Romanian asset management company, from
Eugen VOICU, the CEO of CERTINVEST and the Romanian-American Enterprise
Fund (RAEF), a private US corporation.
"This acquisition is an important strategic move for AVIVA right before
the launching of the private pension system. CERTINVEST will be an essential
part of our strategy, providing our clients with high quality asset management
services and exceptional financial outputs in pensions, life insurance and long
term savings. At the same time, CERTINVEST will continually develop and become
part of the AVIVA's Global Investments Network, offering access to the international
expertise of the group for their clients", Shah ROUF, CEO AVIVA Romania
Tidjane THIAM, CEO of AVIVA Europe, said: "This acquisition is part
of our European strategy to continually adapt our range of long term
savings products and services to meet our customers' needs. This acquisition
confirms our clear ambitions for growth in Romania and more broadly in
Central and Eastern Europe".
The purchase is subject to regulatory approval and is expected to complete
by the end of the year.
CERTINVEST, which had gross assets of EUR 1.1 million (as at 30 June
2007), manages approximately EUR 24 million in four open-ended funds
and also offers individual investment accounts for high net worth individuals.
AVIVA is the leading provider of life and pensions to Europe with substantial
positions in other markets around the world, making it the world's fifth
largest insurance group based on gross worldwide premiums at 31 December
The groups' principal business activities are long-term savings, fund
management and general insurance, with assets under management of EUR
554,1 billion at the half of this year, growing EUR 19,1 billion since
31 December 2006.
by email@example.com, 13.09.2007
GENERALI Fond de Pensii bets on young people
GENERALI Fond de Pensii intends to obtain 10-12% market share of the
total private administrated pension funds market. The company's officials
estimate that ARIPI, the fund administrated by the company will have
over 300,000 participants with the age between 18 and 45 years.
Ioan VREME, General Director of GENERALI Fond de Pensii: "We will invest
45% of ARIPI total assets in financial instruments with high risk level,
and with superior profitability rates respectively - circular assets,
monetary market instruments etc".
The company put stake, therefore, on an interesting marketing strategy
that will focus especially on young persons that have, in GENERALI Fond
de Pensii officials' opinion, "a higher appetit for risks". The advertising
campaigns budget represent about EUR 2 million, 10% of the total investment
made by GENERALI Group in GENERALI Fond de Pensii.
The administrator will compete on this market with other almost 14 profile
companies, part of some powerful financial-banking groups or companies
owned by life insurance companies and not only.
by firstname.lastname@example.org, 12.09.2007
AIG Fond de Pensii and RAIFFEISEN Bank aim 15% of the private pension
AIG Fond de Pensii, the company specialized in the private administrated
pensions of AIG Life, has concluded a partnership with RAIFFEISEN Bank,
which aims the distribution of private pensions through the bank units
and the credit institution's achievement of being a depositary for the
pension company. The administrator has as an objective the attainment
of a 15% market share in the mandatory private pension market (3rd Pillar),
according to the company officials.
AIG Fond de Pensii will administrate a fund with a moderate risk degree,
70% of the assets being invested in government and non-government bonds,
state titles and treasury certificates.
The adhesion of participants to a private administrated pension fund
will begin at the 17th of September and will last for 4 months. After
this period, those who haven't chose a private retired pays fund will
automatically be distributed to the authorized funds.
by email@example.com, 13.09.2007
BCR Fond de Pensii, ready for the start
Placing in stake on its member status of the most important financial
group in Romania, BCR Fond de Pensii settled its targets for the mandatory
private pension hot market (2nd Pillar).
"For the next period of time, BCR Fond de Pensii wants leadership in the
2nd Pillar market with a market share of over 30%. I think the launching of this
pension system is a major step for us, Romanians, and will make a big difference
from the social system at the time people should receive their pension",
Simona DITESCU, CEO of the private pension administrator has declared, exclusively
for XPRIMM Newsletters.
According to the official, BCR Fond de Pensii's advantages are strong
reputation, high quality professional team, well-known selling force
of BCR Group, as well as the great experience of ERSTE in Central Europe
both in asset management and pension funds management, all this completed
by a vast client network and a honest and transparent relation with them.
"We must understand how important is to save money and to profitably invest
our savings for a better life. BCR Fond de Pensii investments orientations are,
of course, taking into consideration the estimated economic growth, the pension
fund managed by us having a medium risk degree", Simona DITESCU added.
BCR Fond de Pensii is part of BCR Group and has a initial share capital
of RON 50 million.
by firstname.lastname@example.org, 4.09.2007
The authorizations continue...
The Private Pension System Supervising Commission (CSSPP) authorized
during the Wednesday meeting (September 5) the company BANCPOST Fond
de Pensii as administrator of mandatory private pension fund (Pillar
II), as well as the prospect of its scheme.
Additionally, with regard to this occasion, the arbiter of private pensions
authorized two funds on mandatory private pensions sector: OMNIFORTE,
managed by OMNIASIG Pensii and privately administrated pensions fund
BCR part of BCR Fond de Pensii.
The regulation authority also authorized the following companies as private
pension brokers on Pillar II: CAPITAL&ALLIANCE, ALLINVEST, PRIM NET,
ALFA Private Pensions Broker, POOL Private Pensions Broker, FAMILLIO
Private Pensions Broker and SAIMA Private Pensions Broker.
In the same time, CSSPP authorized during the Tuesday meeting (September
11) the company KD Fond de Pensii as administrator of mandatory private
pension fund (Pillar II), as well as the prospect of its scheme, and
also the individual documentation attached to the scheme.
The new company, that will be managed by Carmen RADU, presently Vice
General Director within the life insurance company of KD Group, intends
to attract over 100.000 participants on Pillar II.
For pensions' distribution, KD bases on its own force, the relation with
the brokers and the partnerships with the patronages.
Until now, CSSPP had authorized 14 entities which will start, on September
17th, the race for Pillar II.
Also, during the Tuesday meeting, CSSPP authorized, as well, as marketing
agents corporate bodies SOLIDARITATEA Broker de Pensii Private, RENTABILITATEA
Broker de Pensii Private and SEF Pension Broker de Pensii Private as
by email@example.com, 12.09.2007
Partnership for private pensions
EUROBROKERS and GENERALI signed a partnership on the distribution of
the life insurance policies and private pensions (Pillar II).
The announcement was made during the opening festivity for the new EUROBROKERS's
headquarters, situated in Otopeni.
"We consider this partnership a challenge for us to demonstrate our experience
and professionalism in selling business", Ioan Mircea PETRICA, CEO, EUROBROKERS,
stated with this occasion.
"We are excited about this newly created connection with EUROBROKERS, one
of the most reliable brokerage company present on the Romanian market",
Ioan VREME, General Manager, GENERALI Fond de Pensii, mentioned.
"The distribution of GENERALI Aripi fund (N.B.: pension fund administrated
on Pillar II by GENERALI Pensii) is an opportunity for our agents, because it
is one of the most dynamic", Ioan Mircea PETRICA concluded.
by firstname.lastname@example.org, 3.09.2007
ARDAF launched rebranding campaign
By relocating its Headquarters to Bucharest, from Cluj-Napoca, the insurance
company ARDAF launched a full rebranding campaign with "Pentru
zile senine" (N.B.: English translation: "For clear days")
as a marketing slogan.
"The campaign has the role to communicate a change in the company's image,
strategy, relation towards market, clients and its own staff. The new identity
of ARDAF reflects the major restructuring, consolidation and optimization process,
following the change of shareholders and management after PPF Investments took
over the insurance company", Alina NASTASE, Marketing&PR Manager, ARDAF,
A wide range of media channels will be used by ARDAF to communicate its
new message and campaign (television, radio and so on), combined with
various actions that will take place at the company's territorial offices.
The rebranding campaign meant also the launching of a new web-site; build
in the spirit of ARDAF's new identity.
PPF Investments, part of the Czech Group PPF, one of the financial and
insurance markets' leaders in the Central and Eastern Europe, is a strategic
investor focused on repositioning ARDAF between the elite of Romanian
insurers. The group also plans to consolidate and develop its insurance
business in Romania.
by email@example.com, 10.09.2007
Pillar III pensions assets, close to RON 1 billion
The accumulated assets' into the facultative private pension system is
near RON 1 billion.
Therefore, according to the Private Pension System Supervision Commission
(CSSPP) data, between August 25 and 31, the assets reached RON 916,697,
which is 23.09% higher than the previous week.
The total number of participants into this pension system is 8,092, from
which 4,370 have chosen AZT Moderato, administrated by ALLIANZ-TIRIAC
Pensii and 1.806 people opted for ING Clasic pension fund.
Market specialists estimate that the number of persons choosing to enter
into the facultative private pension system will increase after the beginning
of the adhesion period, on September 17.
by firstname.lastname@example.org, 10.09.2007