A strategic investor should start today the due diligence process to take over the Romanian insurer Carpatica Asig, according to sources within the company, cited by local Profit.ro.

The deal should save the company that has failed to comply with any term of the recovery plan, according to Misu Negritoiu, head of the Financial Supervisory Authority (ASF).

A representative of the investor that wants to take over Carpatica Asig has submitted several documents at the ASF. They also contain a timetable for the transaction, according to the sources.

However, ASF is not satisfied with the information provided. It considers it incomplete and unreliable. These documents do not include details about the financial situation of the investor nor concrete offers on taking over Carpatica Asig.

The insurer needs almost EUR 20 million, according to the recovery plan approved by the Financial Supervisory Authority (ASF). Carpatica Asig also had to find a foreign investor by the end of December last year, according to the same plan.

In 2014, Carpatica Asigurari increased its net losses to over EUR 10 million from EUR 6.7 million in 2013. ASF decided to place the company under financial recovery procedure at the end of May last year.

editor@romania-insider.com