Ardaf, an insurance company taken over at the beginning of the year by the Czech-based company PPF Investments, closed the first half of the year with 36.3 million-RON (almost 11 million-euro) losses, down 56% on the same period of 2006. The losses seen in the first three months of the year stood at 8.5 million euros, which means the company posted 2.5 million-euro losses in the second quarter. The insurer therefore continues its losing streak, after reporting the biggest losses on the insurance market in 2006, 35 million euros. The losses were caused by the serious financial problems the company experienced last year. Gross premiums underwritten by Ardaf went down 30% in the first six months of the year, to 25.3 million euros. "The explanation for this lies in the shift in the company's underwriting policy, resulting in the elimination of non-profitable insurance. Ardaf's priorities are cutting losses and achieving a healthy increase, while at the same time considering the risk of losing market share," said Daniel Tudor, chairman and general manager of the company.
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