AIG business gets boost from Sidex

The insurance policies bought by the steel plant Sidex Galati, one of the big clients of AIG Romania, helped to boost the insurer''s business, which reached more than 21.6 million euros (78.3 million RON) at the end of last year. In comparison to 2004, growth stood at some 31% in euros. AIG Romania has been Sidex''s insurance company since 2001. The financial results of AIG Romania, a company that is now only working with legal entities, will be made public once the financial statements for 2005 have been audited. The insurer made more than 590,000 euros (2.1 million RON) net profit in the first nine months of last year, 24% higher than during the same period of 2004. Fire and natural disaster insurance policies, which accounted for the bulk of AIG''s portfolio, went up last year by 53.5% in comparison to 2004, to 16.7 million euros (60.5 million RON). Civ il liability insurance contracts allowed the company to attract more than 2.2 million euros (8 million RON) in underwritten premiums in 2005, down some 35% from the previous year. ZF