40% growth for ARDAF

The gross premiums insurance-reinsurance company ARDAF collected in the first quarter of this year were 40% higher than in the same time last year, up from 9.3 million euros to 13 million euros. ARDAF’s growth pace was therefore faster than throughout the entire last year, 25%, if calculated in euros. General insurance remains the prevailing business of the company controlled by the group held by Ovidiu Tender, a businessman from Timisoara. General insurance segment’s growth in Q1 (ended March 31, 2003) was 39% in euros compared with Q1, 2003, due to higher revenues from all insurance categories and especially from ship insurance, occupational liability insurance, building and content insurance and financial risk insurance. Life insurance segment rose 116%. ZF