Former administrator of bankrupt Romanian insurer, appointed to liquidate it

Romania’s Financial Supervisory Authority has selected the companies KPMG and Dascal Insolvency to liquidate the bankrupt insurer Astra Asigurari. KPMG was the insurer’s special administrator until ASF decided to withdraw the company’s authorization and dissolve it. ASF will present its proposal to the Bucharest Court, which has the legal right to appoint a liquidator. The Financial Supervisory Authority decided at the end of August that Astra Asigurari had to go bankrupt, after the insurer had failed to attract new capital worth RON 425 million (some EUR 95 million), from existing shareholders and other institutional investors, for its financial recovery plan. ASF said that Astra’s shareholders were to blame for the failed capital increase. editor@romania-insider.com