Romanian bankrupt insurer’s remains could be sold to competitors

KPMG, Romanian bankrupt insurer Astra Asigurari’s liquidator, could sell parts of the company’s portfolio to the insurance firms that form Astra’s creditors committee, according to sources in the insurance market cited by local Profit.ro. Misu Negritoiu, the Financial Supervisory Authority – ASF’s president, has confirmed the information. He said that, as far as he knew, KPMG planned to sell parts of Astra’s portfolio and was in talks with possible buyers. The creditors committee is the body that will take the most important decisions on liquidation procedure. It is mostly formed of insurance companies. The committee’s president is Allianz Tiriac and the other members include Omniasig, Generali, and Uniqa, together with the National Tax Authority ANAF. Omniasig has the biggest claim of EUR 4.5 million, followed by Allianz, with EUR 3.3 million. The amounts come from setbacks, namely debts that Astra had to other insurers because of the customers that had mandatory car insurances from Astra and were involved in car accidents. editor@romania-insider.com