“François Coste has been appointed to the position of general manager of Groupama Asigurari. Sanda Nicoara, who is currently holding this position, will resume the position of deputy general manager and operations director of the company. Coste will officially take over the new position after he receives authorization from insurance regulator CSA,” reads the press release.
Coste worked for tire manufacturer Michelin between 1982 and 1999 and for insurer AXA for 12 years, until October 2011.
Nicoara took over general manager responsibilities in 2010, after Denis Rousset left the company.
French group Groupama entered the Romanian market in 2007 and has since bought three local insurers – Asiban, BT Asigurari and OTP Garancia – and invested more than EUR500 million.
BT Asigurari and Asiban merged in 2009 into Groupama Asigurari. In April 2010, OTP Garancia Asigurari transferred its insurance policy portfolio to Groupama Asigurari.
In 2010, Groupama Asigurari and OTP Garancia Asigurari’s revenues from underwritten premiums fell 9.1% to EUR192 million, according to data released Wednesday by the French group.
Losses registered by Groupama in Romania increased 32.9% to 50.4 million lei (EUR11.6 million). (EUR1=RON4.3446)