KaRo posts 700,000-euro profit

The insurance brokerage company KaRo, bought last year by Aon, the second largest broker in the world, reported a gross profit of over 700,000 euros (some 2.6 million RON) for 2005. In 2004, the net profit stood at some 300,000 euros (1.24 million RON). KaRo, the fourth largest insurance broker on the market, last year handled insurance contracts worth 13.8 million euros (50 million RON), 70% more in euros than in 2004. Revenues from the brokerage business amounted to 1.5 million euros (5.43 million RON), a 67% increase in euros against last year. KaRo”s main rivals are Marsh, Porsche Broker, Asigest, Activ and Gras Savoye. KaRo was set up in 1991 by the family of Karina Rosu, the current manager of the company, and was last year bought by Aon, the second largest broker in the world after Marsh. In 2005, Insurance brokers handled insurance contracts worth 240 million euros, i.e. 20% of the total number of policies sold in 2005. Some 25% of the policies closed last year were sold through banks. Some 200 brokers currently operate on the Romanian market. ZF