KPMG wants to sell Romanian insurer Astra’s business as a whole

KPMG Restructuring, the provisional liquidator of the Romanian bankrupt insurer Astra Asigurari, considers transferring the business as a whole. This includes about one million insurance policies that are still valid together with the employees, the company’s headquarters, and internal procedures. KPMG Restructuring has sent a presentation of the company’s business to 100 potential investors, reports local Profit.ro. The liquidator is also looking into selling the company’s portfolios separately. However, KPMG Restructuring prefers the whole business transfer, according to sources in the market. Any potential sale needs the creditors’ approval and an OK from the Financial Supervisory Authority (ASF). KPMG Restructuring is part of the same group as KPMG Advisory, Astra’s special administrator for a year and a half. As special administrator, KPMG was supposed to help the company recover from financial distress. In August last year, however, Astra Asigurari has lost its license and went bankrupt, following a decision of the financial market regulator ASF. The financial regulator’s decision came after Astra couldn’t finalize a capital increase that would have saved it. The special administrator and Astra’s mains shareholder, local businessman Dan Adamescu, blamed each other for the situation. ASF has selected KPMG and Dascal Insolvency to liquidate Astra Asigurari. editor@romania-insider.com