Ardaf opens another two offices

Ardaf, one of the top ten players on the insurance market, has expanded its territorial network by two offices in Pitesti and Constanta, according to a decision published on the Stock Exchange. The company currently has 34 branches and over 200 offices. In the first quarter of this year, Ardaf saw a 213.3% increase in gross underwritten premiums, to around 150 million RON (40.7 million euros). The value of claims settled in this period amounted to 27.4 million RON (over 7.4 million euros). Ardaf was in the black in the first quarter – 434,000 RON in net sums, after last year it saw losses worth 17.6 million euros and 35 million euros in 2006. According to data from the Insurance Supervisory Commission, Ardaf was the fifth largest player on the market three months into the year. Ardaf will be sold together with RAI Asigurari by their majority shareholder, PPF Investments, to the Generali PPF joint venture. The insurer is listed on the Stock Exchange and has a capitalisation of around 32 million euros.