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Shareholders in Asitrans Asigurari have decided to double the company"s share capital from 12.1 million RON (3.8 million EUR) to 24.2 million RON (7.6 million EUR) in order to finance network expansion and IT infrastructure development, according to Board member Bogdan Stan, quoted by NewsIn.
Bulgaria"s Eurohold last month acquired over 75% in Asitrans Asigurari for 12.5 million EUR. Eurohold"s investment programme for Romania includes the acquisition of an office building in Bucharest to accommodate the head offices of the company"s insurance and leasing units, as well as those of Euro Finance, the holding"s brokerage and financial consultancy division. Until 2010, EuroHold plans to invest some 30 million EUR in franchised insurance, leasing and other financial services in Romania.
Asitrans concluded H1 with gross subscribed premiums of 14.5 million EUR, up by 45% year-on-year. In 2006, the insurer posted losses of 450,000 EUR due to massive investments. Turnover reached 53.5 million RON last year, recording a 50% increase from 2005, as the value of gross underwritten premiums rose by 140%. Last year, the insurer"s assets totalled 51.6 million RON.
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