Romania's Financial Supervisory Authority dismisses buyer for local insurer

Romanian group Certinvest, the largest independent assets manager in the local market, failed to purchase the local insurer Axa Life Insurance, after Romania’s Financial Supervisory Authority (ASF) rejected its acquisition project. The buyer doesn’t meet conditions such as reputation, integrity and financial strength, according to ASF. Certinvest doesn’t have the financial means to support the insurer’s activity from its own sources, if its financial situation deteriorated, reads the ASF press release. Certinvest teamed up with investment fund SIF Transilvania, in December 2014, to take over Axa Life Insurance. The asset management firm would have controlled a 70% majority stake in the insurer while SIF Transilvania would have held the remaining 30%. Certinvest managed EUR 57 million worth of assets at the end of last year, up by 14% compared to 2013. The company is controlled by Romanian investor Eugen Voicu. Romanian insurer Astra Asigurari also wanted to take over Axa Life Insurance, in 2014, but ASF rejected that transaction as well due to Astra’s financial problems. editor@romania-insider.com