Unita to be absorbed by Agras

Unita insurance company held by the leading Austrian insurer WienerStaedtische, became the hottest topic of conversation on the insurance market at the end of last week. On the one hand, the news about the Agras-Unita merger became official. Unita is to be absorbed by Agras insurance company, which it controls, by a merger, according to a proposition slated for debate in an EGM of Agras’ shareholders on March 10. On the other hand, the Insurance Supervision Commission on Friday announced it had decided to launch a probe into Unita operations. “In regard to the articles in the press about the legality of Unita SA’s transactions and investments throughout 2000-2003, the Insurance Supervision Commission decided to perform a control operation at the company’s headquarters. Every contract, accounting record and decision of the GM of Shareholders and Board of Directors, as well as any explanatory document on which they were based, will be checked,” CSA on Sunday announced. ZF