Omniasig sells insurance policies worth 116m euros

Insurer Omniasig last year posted underwritten premiums worth 421.61 million RON (116.46m euros), up almost 41% in RON from 2004, according to the company”s preliminary data. In the second half of the previous year, Omniasig had merged through absorption with Omniasig-AGI and Omniasig-Asirag, where the company held 50% and 62.39% in the share capital. In 2004, the two companies underwrote premiums worth 69.1 million RON (17.05 million euros, calculated against the average exchange rate of the European currency, announced by the NBR). Omniasig is controlled by the Vienna Insurance Group (the former Wiener Staedtische), currently owning 70.56% of the insurer”s stock, and Financiara SA, a branch of the BCR financial group, with a stake of 19.61%. The company”s capital is worth 25.81 million RON (almost 7.4 million euros). This year, Vienna Insurance is likely to add between 7 and 10 million euros to Omniasig”s capital, according to the company”s chairman, Constantin Toma. In line with the insurer”s data, Casco policies account for over 32% of subscriptions logged for 2005, totalling 137.05 million RON, 47% higher than the results reported a year before. Civil car liability policies contributed almost 21% to Omniasig subscriptions, while credit and warranty insurance weighed more than 14% in total premiums. Fire and natural disaster policies related to industrial properties accounted for around 12% of the insurer”s revenues. On the domestic insurance market, the Vienna Insurance group also has direct involvement in Unita (99.99%) and Agras, where Unita owns 74.45% of stock and Omniasig Asigurari de Viata, through Omniasig,

49.98%. ZF