“It is too soon to make public data on negotiations with potential investors. The fact is, we will find a solution by yearend,“ Stoicescu said. He recently received ASF approval to replace Sergiu Loghin at the company’s helm.
According to market sources, Ilie Carabulea is holding talks to sell a stake to US’ Liberty Mutual. Carabulea is be willing to give up the majority stake in Carpatica Asig in favor to a strategic investor.
The sources said that Liberty Mutual had filed an offer for the company’s share capital hike by EUR17 million, provided that any potential damage subsequent to the transaction be paid by Carabulea, which the businessman did not agreed on. Germany’s Ergo was also rumored, taking into account the company’s interest in acquiring a general insurance company on the local market.
Carabulea would take part in Carpatica Asig’s share capital hike with the money obtained from selling Carpatica lender to investment fund J.C. Flowers. Ilie Carabulea majority owns Carpatica Asig through two Sibiu-based companies, namely Atlassib and Transcar.
ASF has asked Carpatica Asig to attract a strategic investor by December 15 in order to complete the transaction by the end of the year. The recovery plan also envisages a EUR20 million share capital hike due end-2015.
Carpatica Asig underwrote gross premiums of RON257.26 million in the first six months, down 15.7% on the year, in line with expectations, due to the adjustment of insurance underwriting risk policies and sale policies.
Carpatica Asig, based in Sibiu, is undergoing a financial recovery plan, approved by ASF in September 2014 and valid until the end of this year. The company’s financial situation worsened after its owner and former general manager were placed under preventive arrest for corruption in January 2014.
Carpatica Asig started its activity in 1996 as ASA Asigurari Atlassib. The company has over 60 units and collaborates with 5,000 brokers.
(English version by Manuela Panescu)