In 2011, the Georgian insurance market was worth around EUR140 million.
Astra Insurance-Reinsurance Georgia will be led by Alexander Adamescu, the chairman of the company’s Board of Directors in Romania, the statement also read.
Adamescu is the son of businessman Dan Adamescu, who owns a 99.7% stake in Astra.
Astra is the market leader in Romania by 2011 premiums, which stood at 1.01 billion (EUR226 million), down 6.5% on the year.
The company has a subsidiary in Hungary, Astra Biztosito, set up in October 2010. In 2011, it underwrote premiums worth RON65.87 million, from RON77,624 the year before. Revenue from the Hungarian business is included in Astra’s financial balance.
Astra was founded in 1991 and has a share capital of RON192.71 million, owned by The Nova Group Investments Romania SA – 72.68% and Epsilon Estate Provider SRL- 27.02%, while the remaining 0.3% is distributed among several shareholders.
The Nova Group Investments Romania and Epsilon Estate Provider are indirectly controlled by businessman Dan Adamescu.
The Romanian general and life insurance market shrunk by 4.3% in 2011, to RON7.95 billion. (EUR1=RON 4.4505)