General Manager Of Romanian Insurer Ardaf Quits Executive Seat As Of Feb 1

Publish date: Astazi, 13-01-2009
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Daniel Tudor will no longer be general manager of Romanian insurer Ardaf, and the executive management will be ensured by the two deputy general managers, Adina Bacioiu and Dan Bordeanu, the insurer said Monday.

Tudor took over the leadership of Ardaf in the beginning of 2007.

He will remain president of the insurer's Administration Board without getting involved in the executive management, the insurer said in a statement sent to the Bucharest Stock Exchange Monday.

Ardaf began its activity in 1992, and ranked eighth with a share capital of 72 million lei (EUR1=RON4.2684) on the general insurance segment in the first half of 2008.

In the first nine months of 2008, the company's revenues from the subscription of policies grew by 153.7% to RON285.7 million, while losses reached RON50.7 million, up 41.4% from the level reported in the same period in 2007.

The company is controlled by the group Generali PPF, via Iberian Structured Investments, which owns 72.75% of the insurer's bonds.

Generali PPF is a joint venture, formed of the Italian group Generali with 51% of the shares and the Czech investment fund PPF with 49%.


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