Changes at BT Asigurari

Frenchman Jean-Francois Lucien Georges Lemoux replaced Jeican as Chairman of the Board of Directors, while other new board members are Charles Marie Philippe de Tinguy de la Girouliere, also French, and Szabolcs Nagy, a Hungarian national.

Groupama has also increased the Romanian insurance company’s share capital by RON 60 million, to RON 127.5 mln (€33.7 mln). “The funds were deposited in the company’s accounts at the end of 2007 and were needed to meet solvability and liquidity indicators imposed by the Insurance Supervisory Commission (CSA),” said sources within BT Asigurari, quoted by Mediafax.

The French group became single BT Asigurari shareholder following two transactions, worth €100 mln paid to Banca Transilvania for 90 percent of the insurer’s capital. The remaining 10 percent was acquired by Francois Turcat, one of the members of the company’s Board of Directors, for €10 mln.

Established in 1994 under the name of SAR Transilvania, BT Asigurari was the tenth domestic insurer in terms of value of subscribed general and life insurance premiums in 2006, according to data pbulished by CSA. In the January-June period the Romanian company subscribed premiums worth RON 132.3 mln (€39.7 mln), up 44 percent compared to the first half of 2006.