ABC Asigurari eyes construction-assembly

ABC Asigurari Reasigurari (ABC Insurance Reinsurance) is planning to become soon one of the top players on the construction-assembly insurance market, after having been taken over by five large construction companies at the end of last year, which would use this company as their preferred partner.

The company in Q1 made 2.2bn lei in revenues, collected from construction-assembly and goods insurance and estimates 2001’s turnover to reach 20bn lei, to be collected from contracts with its shareholders and partners.

“The power of the shareholding companies will ensure the necessary orders to allow us o enter the market,” Laurentiu Plosceanu, ABC general manager, said. ABC Asigurari Reasigurari was set up in 1997 and became operational in September 2000 following the change in shareholding structure.

ABC’s main stockholders are S.C Hidroconstructia S.A (23%), S.C. Iridex Group S.R.L (9%), S.C Energoconstructia (8%). The remaining stock is held by S.C Stizo SA, S.C Frigotehnica S.A. and natural persons, most of which are employees of the above-mentioned companies.

Hidroconstructia has been one of the top players on the industrial and civil constructions market over the past five years, with $100 million in 2000’s turnover. ABC’s subscribed and deposited capital amounts to 9.041bn lei, with a capital increase scheduled for 2001.

“We are planning a capital increase up to 17-18bn lei, by issuance of new shares, but also by contribution from the old shareholders. That is why we are currently in talks with several large construction companies, which include Comnico SA, Energomontaj, Arcif, TCIF S.A Craiova, IMSAT R=mnicu V=lcea, IMSAT S.A. Muntenia, Baduc, Orion Constructii SA Ploiesti and Apasco SA Maneciu.”