Regulator supports Swiss investor in taking over Romanian insurer City Insurance

A Swiss private investor named Max Rossler will take over Romanian insurance company City Insurance, according to a press release issued yesterday by the Financial Supervisory Authority (ASF). Max Rossler, who is a famous Swiss investor, has paid a visit to Romania to complete the negotiations for taking over City Insurance. Rossler met with ASF president Misu Negritoiu. Representatives of Berlin London Holding AG, a company active in reorganizing insurers, also took part in the meeting. Negritoiu said that Max Roessler has an “impressive banking and investment career.” He owns a “substantial portfolio of assets in several Swiss firms.” Roessler is the main stakeholder in the construction firm Implenia and has stakes in financial services companies, including some insurance firms. City Insurance is one of the top players on the mandatory car insurance (RCA) segment. The company is currently following a financial recovery plan imposed by ASF because of its weak solvency and capital ratios. In 2016, City Insurance recorded gross premiums of EUR 176 million and had a market share of 8.4%. editor@romania-insider.com