Up until now, the insurer’s expansion to foreign markets has been made through the opening of subsidiaries. This time Astra Asigurari will be represented in Ecuador by local brokers.
The insurance contracts to be sold in Ecuador include property insurance policies, aviation and marine insurance policies, as well as insurance against natural disasters, Astra’s executive board chairman Iulius Alin Bucsa said in a press release Wednesday.
According to the insurer, investments in opening subsidiaries abroad exceed EUR8 million.
Astra’s first office abroad was opened in October 2010 in Hungary. Astra Biztosito registered revenues of 65.87 million lei (EUR15.02 million) in 2011.
It was followed by Astra Poistovna (Slovakia) in December 2012. The Romanian insurer also owns an office in Germany.
According to data by insurance market regulator CSA, premiums underwritten by Romanian insurers in the European Union (excluding Romania) increased 27.1% in the first nine months of 2012 to RON232 million.
Astra Asigurari was set up in 1991 and has a share capital of RON192.71 million, controlled by The Nova Group Investments Romania SA (72.68%) and Epsilon Estate Provider SRL (27.02%). Other stockholders own 0.3% of the shares.
The Nova Group Investments Romania and Epsilon Estate Provider are indirectly owned by businessman Dan Adamescu.
In 2011, Astra was market leader regarding underwritten premiums. The insurer’s revenues from underwritten premiums amounted to RON788.67 million in the first nine months of 2012, when market leader was Omniasig (former BCR Asigurari) with revenues worth RON788.72 million. (EUR1=RON4.3852)