According to shareholders’ decision of July 21, City Insurance will increase its share capital by up to EUR150 million, in order to tackle its financial hurdles.
”I3CP continues to work with Romania’s financial regulator ASF and its advisors in order to soon finalize the approval process needed to change control over the company,” I3CP said in a statement.
City Insurance shareholders approved, in their general meeting held in July, the issue of 738 million shares, with a nominal value of RON1 per share, respectively a total value of RON738 million (EUR150 million). The deadline for subscription was August 25.
In April 2021, City Insurance announced that its shareholder, Vivendi International Group, had concluded an agreement with I3CP Holdings for the sale of its entire ownership stake in City Insurance. At that time, the transaction was envisaged to be completed in the third quarter of 2021.
City Insurance, the only insurance company that is not affiliated to an international group, is leader on the local insurance market, and leader on the general insurance and third-party motor vehicle insurance RCA segment. Of the volume of premiums underwritten at the end of 2020, in the amount of nearly RON2.3 billion, over RON1.7 billion were premiums underwritten on the RCA segment alone.
I3CP is a global investor based in the Netherlands focused on defining the next sustainable growth cycle in the insurance, reinsurance, asset management and fintech sectors. I3CP has offices in Amsterdam and Athens.