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Insurer Omniasig VIG to take over portfolio of Clal Romania after sale triggered by the crisisUpdated: 09-04-2009 |
The Israel-based group Clal wrapped up the sale of its insurance business in Romania, inking a 500,000 euro contract with several businessmen and announced the active insurance portfolio will be taken over by insurer Omniasig VIG.
The tough economic context made the Israeli company give up supporting its Romanian branch which still needed a lot of investments, a release from Clal reads.
Clal decided to sell the local insurance company in Romania despite a 20 percent hike in sales at the end of March over last year.
The new shareholders will be known after the market watchdog CSA approves the move. A change in shareholding will trigger the modification of the company name and new development strategies too.
Clal Romania stopped closing Casco policies today. What's more it now takes measures to optimize operating costs, like letting go of the countrywide network.
Clal Romania rolled into the insurance market in December 2006 and last year posted turnover of 2 million euros, counting about 1,500 clients. Estimates this year pointed to business of 4 million euros and a three-fold increase in the number of clients.
After an unsuccessful attempt to develop direct sales over the phone in 2007, the shareholders decided at the beginning of last year to restructure the company and change its management, assuming massive investments aimed at propelling the insurer to the top ten league by 2012.
However, under the burden of the economic crisis, a complete change of plans occurred.
The company is controlled by the Dutch CIE Holdings BV with 99.95 percent of the shares, but the Israeli Clal Insurance Enterprise Holdings LTD is the majority indirect shareholder owning all the CIE Holdings BV shares.
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