Asirom to enter the private pension market by July 1

VIG purchased insurance company Asirom last year.

Asirom Concordia was greenlighted by the Private Pension System Supervisory Commission (CSSPP) as pension fund administrator and approval from the Trade Registry is due next week, according to Asirom-Concordia’s Economic Manager, Florin Barcaru, for Business Standard.

The administrator plans to launch a moderate-risk pension fund, with subscriptions through its own sales network and insurance and pension brokers. “Provided we manage to secure the first subscription on July 1, we estimate that we can close some 5,000 [subscription] contracts by the end of the year," Barcaru said.

Founded in 1997, Asirom Concordia was operating on the insurance market until 2007, when shareholders decided to switch to pensions.

Six companies are currently operating on the optional pensions market - ING Asigurari de Viata, Aviva Asigurari de Viata, BCR Asigurari de Viata, Allianz-Tiriac Pensii Private, OTP Garancia Asigurari and SAI Raiffeisen Asset Management.