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Foreign investors inject EUR 25m in two Romanian insurers in November 2009, data show

Capital infusions from abroad in the two insurance companies Certasig and OTP Garancia totaled 24.6 million euros in November last year, compared to no contributions in the same period of the previous year, according to data of the Trade Registry Office (ONRC).

Insurer Certasig, controlled by investment fund Royalton Capital Investors II, hiked the share capital by 16.83 million euros in November last year, while OTP Garancia Asigurari sponged 7.75 million euros in the same month.

The companies' representatives said the insurers need additional capital infusions in a bid to face the significant losses caused by the financial crisis.

In 2008, Groupama inked a deal with the Hungarian lender OTP to take over the division OTP Garancia, including its subsidiaries from Bulgaria, Romania and Slovakia.

Certasig was set up in 2003 following the merger between Fortuna SA Baia Mare and the former Asigurarea Romano-Canadiana Aroca SA Bucuresti.

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Tags: november otp

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