KPMG Restructuring was temporarily appointed judicial administrator for Astra Asigurari by Bucharest Court on December 3.
On August 26, Romania’s Financial Supervisory Authority ASF asked for the bankruptcy of insurer Astra Asigurari, which had been under special administration, after the company failed to raise RON425 million for the share capital hike, while the damage claims will be paid by the Guarantee Fund.
At that time, the company had 1.8 million insurers with 2.5 million valid insurance policies.
The ASF request for Astra bankruptcy came one day after the insurer’s majority shareholders, The Nova Group Investments and Epsilon Estate Provider, controlled by businessman Dan Adamescu, said they want to inject the necessary RON425 million into the company in two stages and asked ASF to revoke the special administrator KPMG.
The Nova Group Investments Romania SA owns a 72.71% stake in Astra and Epsilon Estate Provider SRL owns a 26.287% stake. Both companies are owned by local businessman Dan Adamescu.