Ardaf Cluj to move to Bucharest in September

Ardaf is to move its headquarters to Bucharest next month as the company, which was set up in Cluj-Napoca, attempts to diversify its portfolio and recoup part of the house insurance and life insurance market after seeing losses of 35 million euros last year. The company’s management considers the relocation of the headquarters – a decision that was made after the company was taken over by PPF Investments Czech group, will push the overall volume of underwritten premiums up by 20%. The deputy general manager of the insurer, Daniel Barabant, believes the future relocation is likely to boost the weight of Ardaf’s underwritten premiums, given that Bucharest is the main growth source on the Romanian insurance market. “(…)For Ardaf, in the first six months of 2007 Bucharest accounted for only 8% of overall underwritten premiums,” stated Barabant.