KD Life transfers portfolio to Eureko and closes

KD Life, a life insurer the Insurance Supervision Commission (CSA) placed under special administration in March, has reached an agreement with Eureko insurer to transfer its around 5,500-policy portfolio to it. After the transfer, the company will be closed. The insurer was placed under special administration because of its financial woes. “We are transferring our portfolio to Eureko Asigurari, there are around 5,500 policies. Subsequently, KD Life will have its licence withdrawn and it will be treated like any trading company under liquidation,” Nicolae Crisan, special administrator of the company, appointed by CSA, told ZF. KD Life is a small insurer, with gross underwritten premiums worth almost 6.7m RON in 2009, almost flat from the previous year. The company is part of Slovenia’s KD group, which also operates in the field of mutual funds, and was set up in late 2005. The company banked on selling unit-linked life insurance policies, but did not manage to gain market share, and shareholders are now lacking funds to support its development. Eureko Dutch company is not at its first deal with KD group: last year, it took over the Slovenians’ mandatory private pension fund.