Romania’s Financial Supervisory Authority (ASF) approved last week the financial recovery plan of insurer Carpatica Asig, which stipulates the share capital hike via cash contribution, the drawing of a subordinated loan and a strategic investor. ASF’s statement does not specify the figures of the share capital hike.
In the second half of May, ASF decided to initiate financial recovery procedures for Carpatica Asig, obliging the company’s management to come up with a financial recovery plan within 20 days at most. The first version of the financial recovery plan was rejected by ASF.
Carpatica Asig is part of financial group Carpatica owned by businessman Ilie Carabulea.
Carpatica Asig started its activity in 1996 as ASA Asigurari Atlassib. It is controlled by Atlassib Sibiu (92.42%), Transcar Sibiu (6.97%), Corneliu Tanase (0.08%) and Aurel Albu (0.53%), according to Trade Registry data.
In the first six months of 2014, the company underwrote gross premiums worth RON305.22 million, up by over 30% compared with the corresponding period a year earlier.