Austrians conquer insurance sector

The acquisition of a 30.51% stake in Asirom’s capital by Vienna Insurance Group, is consolidating the position of Austrian capital in the shareholder structure of Romanian insurance companies, with its share amounting to 40.3% in the total of underwritten premiums from general and life insurance in 2006. At the end of 2006, the revenues of the insurance market in Romania reached 5.729 billion RON (1.62 billion euros), up 29.7% against 2005, according to the Insurance Supervision Commission (CSA). Aside from Asirom, where Vienna Insurance group will take over the majority stake, Vienna Insurance Group (VIG) also controls, directly or indirectly, Unita Bucuresti – 99.99%, Omniasig 97.76%, Agras – 88.68% and Omniasig Asigurari de Viata (Omniasig Life Insurance) – 50%. In the case of the former, 49.96% of its share capital is under the ownership of TBIH Financial Services Group NV (the Netherlands), where VIG holds 60% of the shares through Kardan Financial Services.