GM of Austrian insurance group to supervise Romanian subsidiary

Hans-Peter Hagen, the general manager of the Vienna Insurance Group (VIG), took over as chairman of the board of local insurer Asirom, which is part of the Austrian group. Asirom posted losses of over EUR 6.5 million last year, after another negative result in 2013, when the company had a loss of EUR 53.2 million. VIG owns three insurers in Romania, namely Romania Omniasig, Asirom, and BCR Asigurari de Viata. Asirom is the sixth largest insurer in Romania, with gross written premiums of EUR 130.1 million last year. It has a market share of 7.1%. VIG has a 20% market share in Romania, which makes it the market leader. The three local companies it owns underwrote gross premiums of EUR 339.7 million in 2014. The group recorded a pre-tax profit of EUR 6.1 million in Romania in 2014, after a loss of EUR 98.7 million in 2013. editor@romania-insider.com (photo source: vig.com)