Uniqa Group appointed Unita’s new management last month, at which time Vasilescu became the insurer’s General Manager.
A few days later, the Insurance Supervisory Commission (CSA) suspended the company’s activity, stating that Unita’s new shareholders had not applied for and obtained approval from the local insurance market’s supervisory and control body, according to legislation in effect.
Radu Vasilescu, former General Manager of ING Fond de Pensii, worked in the banking sector from 1991-2006, for Banca Turco-Romana, Citibank, BRD Sogelease, and Alpha Bank, and from June 2006 to July 2008 for ING, at which time he resigned his position as head of ING Fond de Pensii, leader of the Pillar II mandatory private pension fund segment.At the end of the first half of 2008, Unita was sixth on the insurance market, with a volume of gross premium income of some €74 million.
The Uniqa Group has been in Romania since 2005, when it acquired 27 percent of Astra insurer from Nova Trade, in a transaction worth €10 million.
