Unit-link policies more attractive for insurers

Interamerican insurance company has launched unit-linked life insurance products on the market, after a long time when only three companies, ING, Aviva and Allianz-Tiriac, sold such policies. This product is actually a life-insurance policy with an investment component. The unit-linked policies are connected, as suggested by their name, to fund shares or investment programmes. Part of the premium paid goes to such units, depending on what the client wants. The main feature of these products is the transfer of the risk from the insurer to the insured, as the insurer only undertakes the management of the client’s money. Interamerican’s product, called “Investitia ta” (Your investment) is an euro-denominated savings plan for medium or long term and entails investments made on the European market, managed in partnership with investment manager Foreign & Colonial, a member of the Eureko Group, which includes Interamerican, as well. The client is offered the possibility to choose from four investment tactics, which range between very low risk with implicitly smaller profits to medium or even high risks, which come with higher profits. The options start with a conservative fund, Intersafe, followed by Intermedium, Interplus and Interextra in this order. ZF

Gallaher begins production in new facility

British cigarette maker Gallaher, world’s number six, has completed the investment in its new production facility in Bucharest, located in the former cigarette factory of another producer, Papastratos, whose worldwide operations were taken over by Philip Morris, market sources say. “I cannot comment for now,” says Dan Crisan, general manager of Gallaher Austria Tabak Sucursala Romania (Romanian Branch of Gallaher Austria Tabak). Peter Imre, Corporate Affairs Director of Philip Morris Romania would not comment in any way on the information about the alleged sale of the former Papastratos Romania facility by Philip Morris to Gallaher. Tobacco industry sources say Gallaher has had a previous though brief presence on the Romanian market with its Ronson cigarettes it made at the Papastratos’ factory in Bucharest until the Greek producer was acquired by Philip Morris. The same sources say Gallaher has recently tried to strike a deal with the shareholders of Societatea Nationala Tutunul Romanesc (National Romanian Tobacco Company – SNTR), but to no avail. ZF