With a share capital of RON257.8 million, Astra is indirectly owned by businessman Dan Adamescu through Nova Group Investments Romania, which owns 72.75% in the insurance company, and Epsilon Estate Provider SRL, which owns 26.28%.
Astra is Romania’s largest insurer, with more than RON1 billion in gross written premiums in 2013 and a 15% share of the general insurance market.
In February, Astra was placed under special administration following suspicions that it had purposefully underestimated damage claims and constituted reserves 40% lower than needed.
At the end of last week, Astra shareholders rejected the financial report for 2013 and asked for a new audit by an independent auditor, other than Deloitte, which audited the company in 2013.
Astra reported RON917.3 million loss in 2013, from a net profit of RON6.99 million a year earlier, according to the report published in late August.
According to a report of the Financial Supervisory Authority (ASF), published in July, Astra reported loss of RON813.64 million in 2013, accounting for 54.03% of the overall loss posted by the local insurance market.
Astra has to hike its share capital by RON490 million by yearend. So far, shareholders rose the company’s share capital by RON65 million.