The company stocks will be traded under the MIB ticker symbol after having achieved, between October 13 and 25, 2022, a private placement as a result of which Millenium Insurance Broker raised a total RON4.2 million.
“The shares of Millenium Insurance Broker have been listed on our stock exchange as of today, it being the first company listed on the BVB’s AeRO market this year. The listing of this company enhances the representativeness of the financial services sector active on the Bucharest Stock Exchange as well as expanding the options in terms of investment diversification for investors.. We wish great success to Millenium Insurance Broker and we are gratified that they have found on the capital market the resources needed to grow their business.”, stated Radu Hanga, President of the Bucharest Stock Exchange.
Under its capital add-on operation, the company issued and sold a number of 347.587 new ordinary shares to 42 investors, of which 32 legal entities and ten private indiviuals. A number of 601.295 ordinary shares, with a nominal value of RON0.28/share, were subscribed in the private placement. The subscription price under the offer was RON12/share.
“We are delighted to earmark the start of a new stage of development for Millenium Insurance Broker (MIB) by listing it on the Bucharest Stock Exchange. The first private placement achieved in order to raise capital for development and today’s listing on the BVB’s AeRO market are two milestones for us, which attest to the soundness of the decisions made along the way and to the fact that we have built a solid, reputable and renowned company. We are grateful to our investors and partners for the trust they have placed in our ambitious development plans. Our wish is to optimally provide for the protection needs of the Romanian people and companies and to meet the expectations of our partners and investors.”, stated Stefan Prigoreanu, CEO of MIB.
“We have found a team of professionals at MIB, united by common values, and a company with a significant growth potential. Listing on the stock market is an important step forward for MIB, thereby managing once more to prove the soundness of the business model and its growing capacity. We are glad that we could contribute with our experience to the listing of a new entrepreneurial company on the Bucharest Stock Exchange and thus to take steps together towards developing and strengthening the insurance market in Romania.”, stated Dan Stefan, a non-executive member of the MIB Board and co-founder of Autonom International.
”We started the series of 2023 listings on the AeRO market with Millenium Insurance Broker, a company with more than 25 years of experience in the insurance market and therefore at an advanced stage of its development cycle. This listing increases the representation of the financial sector in general and of insurance brokers in particular on the Bucharest Stock Exchange. The listing follows a private placement we intermediated, in which investors’ interest in MIB was above expectations. We will continue to assist the company, in our role as Authorised Consultant,” stated Razvan Rat, Deputy CEO of BRK Financial Group.
Millenium Insurance Broker was founded in 1997. It currently provides a wide range of insurance broker services: motor vehicle liability (RCA) insurance, CASCO insurance, home insurance, life insurance, health insurance, transport vehicle insurance, etc. The company is represented at national level through the network of 130 franchises and its national presence is ensured in 79 localities from 35 counties. The company is a founding member of the Romanian Organisation of Insurance Brokers and a member of the Romanian Franchise Association.
In 2022, the company recorded a turnover of RON49 million, up 28% compared to 2021, and a net profit of RON2.5 million, up 31% compared to the RON1.9 million level recorded in 2021. The company’s market share was 2.40% at the end of September, ranking ninth among the top insurance brokers in the market.