AXA-Astra Asigurari deal failed

Newsroom 22/09/2014 | 15:24

AXA Life Insurance Romania, the local subsidiary of French insurance giant AXA, is assessing its strategic options in the country after its take over by Romanian insurer Astra Asigurari has failed.

The French insurer has announced that the sale contracts of its operations to Astra Asigurari, which was announced in November 2013, has ceased.

“AXA is continuing to evaluate its strategic options, taking into consideration the interest of clients and employees in Romania,” said the insurer in a statement.

Astra Asigurari is currently under the special administration of professional services firm KPMG Advisory, after the Financial Supervision Authority (FSA) decided that the Romanian insurer needed to go through a financial recovery procedure.

Misu Negritoiu, president of the FSA, said earlier June that Astra was not in the position to buy another company.

“When you are in a financial recovery you are selling, not buying,” said Negritoiu, quoted by Medifax newswire.

Romanian businessperson Dan Adamescu indirectly controls Astra through the Nova Group Investments Romania with a 72.68 percent stake and Epsilon Estate Provider with a 27.02 percent stake.

The insurance company has also appointed Bruno Dufraisse as CEO, replacing Violeta Ciurel, who was recently appointed CEO of AXA’s operations in Portugal.

Dufraisse has over 35 years of experience in the insurance, banking and financial sectors, holding management positions ion various international groups.

AXA Life Insurance Romania reported gross written premiums worth RON 33.8 million (EUR 7.6 million) in 2013, holding a market share of 2.7 percent in the life insurance segment.

Ovidiu Posirca

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