Ardaf goes through reorganisation

Insurance company Ardaf, taken over at the beginning of this year by the Czechs at PPF Investments, has announced that this year it will go through a reorganisation process, with the first step being the departure of the general manager, Horatiu Popa. He had held the position of general manager of Ardaf until the company was taken over by PPF, at which time he was replaced by Daniel Tudor, the former majority shareholder and general manager of Roumanie Assurance International (RAI). “Ardaf is currently going through a process of reorganisation and streamlining. We are preparing for a campaign of repositioning. We want to make our membership to the new group clear,” stated Alina Nastase, communication manager within Ardaf. Nastase came to Ardaf after holding a similar position within Omniasig. Ardaf was formerly controlled by businessman Ovidiu Tender, who held 56.19% of shares before the PPF took over the majority stake through the Cypriot company Sabile Limited, for a price of 118.7 million RON (34 million euros). Sabile became an Ardaf shareholder on February 14, 2007, when it bought 14.6% of the shares held by lawyer Daniel Voicu for 24.8 million RON (7 million euros). “We want to turn a profit this year, and on medium term become one of the top five insurance companies on the market again,” said Nastase.