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Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

Dutch investor brings EUR 150 mln to help troubled Romanian insurer

Dutch-based company I3CP announced that it subscribed new shares worth EUR 150 million in a capital increase operated by Romanian insurance company City Insurance, Ziarul Financiar reported.

In May, the local financial market regulator ASF placed City Insurance under special administration due to financial problems mainly related to insufficient legal reserves.

The company initiated a capital increase on July 21, and the deadline for raising the money was August 25.

In April this year, City Insurance announced that the company's majority shareholder, Vivendi International, had entered into an agreement with I3CP Holdings to sell its entire stake. At that time, the transaction was expected to be completed in the third quarter of 2021.

"I3CP continues to work with ASF and its advisers to complete soon the approval process needed to change control of the company," the Dutch company said in a statement posted on its website.

City Insurance, the only insurance company in Romania that is not affiliated with an international group, was the leader of the insurance market in 2020, with written premiums of about RON 2.3 billion (EUR 470 mln).

The company was also the leader of the mandatory liability car insurance (RCA) segment, with a share of over 40% in 2020.

(Photo: Vinnstock/ Dreamstime)

andrei@romania-insider.com

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Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

Dutch investor brings EUR 150 mln to help troubled Romanian insurer

Dutch-based company I3CP announced that it subscribed new shares worth EUR 150 million in a capital increase operated by Romanian insurance company City Insurance, Ziarul Financiar reported.

In May, the local financial market regulator ASF placed City Insurance under special administration due to financial problems mainly related to insufficient legal reserves.

The company initiated a capital increase on July 21, and the deadline for raising the money was August 25.

In April this year, City Insurance announced that the company's majority shareholder, Vivendi International, had entered into an agreement with I3CP Holdings to sell its entire stake. At that time, the transaction was expected to be completed in the third quarter of 2021.

"I3CP continues to work with ASF and its advisers to complete soon the approval process needed to change control of the company," the Dutch company said in a statement posted on its website.

City Insurance, the only insurance company in Romania that is not affiliated with an international group, was the leader of the insurance market in 2020, with written premiums of about RON 2.3 billion (EUR 470 mln).

The company was also the leader of the mandatory liability car insurance (RCA) segment, with a share of over 40% in 2020.

(Photo: Vinnstock/ Dreamstime)

andrei@romania-insider.com

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