EnglishInteramerican Romania has applied for authorization to manage a private pension fund called Interamerican Pensii. The subsidiary will be managed by Frans van der Ent, an expert on insurance with over 18 years of experience in this business.
"Interamerican Romania has decided to enter the private pension market due to the huge development potential we see here, especially as the pension system is being reformed. On medium-term, Interamerican intends to secure 10-15% of the mandatory private pension market," said van der Ent.
The new company will have a share capital of 5.5 million EUR and some 60-70 employees before the year-end. Van der Ent believes the market will comprise about 10 private pension companies at first and 7-8 after it becomes more mature in about three years. Interamerican Pensii will invest collected funds in t-bills (10%), governmental bonds (35%), municipal bonds (15%), shares (20%) and corporate bonds (20%).
Interamerican is a member of Eureko, registered in Utrecht, Holland. Eureko is controlled by Rabobank. The group posted a 117% increase in gross subscribed premiums last year, from 6.57 billion EUR in 2005 to over 14 billion EUR in 2006. Interamerican Romania grew 14% last year.
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