Trade Registry data show the remaining stake in City Insurance is distributed among seven private individuals and 51 legal entities.
City Insurance was previously controlled by Italian Marcello de Cristofaro, with a 71.3% stake, and by several private individuals and legal entities, which held 28.7%, according to data included in the insurer’s annual report for 2011.
Odobescu, 59, president of UNITA Asigurari (currently UNIQA Asigurari) between 2004 and 2006, owns a 95% stake in Vivendi International SRL, alongside Florin Dima who holds 5%.
Founded in 1998, City Insurance has a share capital of 46.85 million lei (EUR10.7 million) and operates the general insurance sector. In 2012, City Insurance’s underwritings rose over 30% to RON264 million.
The Romanian insurance market posted 5.8% growth last year, to RON8.27 billion, after declining nearly 12% in 2009-2011, from RON8.87 billion to RON7.82 billion, according to the country’s insurance watchdog CSA.
The general insurance segment totaled revenues from underwritten premium of RON6.47 billion, up 6.3% from 2011, while the life insurance segment stood at RON1.8 billion, up 3.8% on the year, the insurance watchdog also said. (EUR1=RON4.3698)