The merger between insurers Unita and Agras (both controlled by Austrian company WienerStaedtische), through the appointment of a single chairman and the absorption of Unita by Agras will not take place for the time being, at least not under this formula, as a new general manager for Unita has been designated.
Dan Odobescu, advisor to the Insurance Surveillance Commission (CSA) chairman since 2002, was appointed chairman-general manager of Timisoara-based Unita.
Maura Klassek, general manager of Agras, was not authorised by the Surveillance Commission to take the reigns of Unita.
Dan Odobescu says he was first approached about the leading position at Unita a month ago.
"We aim to be able to start vying for the number one position in 4-5 years' time. We have the support of a shareholder that happens to be Austria's main insurer, and it is only natural for us to eye the top position. Our agenda includes relocating our headquarters to Bucharest, the launch of new products, new capital increases, and, possibly, changing the name of our company. At the same time, the project regarding our merger with Agras still stands, but this will depend on our shareholders' decision," Odobescu told Ziarul Financiar.
In early 2003, Unita had troubles with its liquidity ratio, but the 6m-euro capital raise determined CSA to stop monitoring the company last year.
Unita, which is held by WienerStaedtische, now controls 74% in Agras, in the wake of a recent public offering which helped it buy another 6% in the insurer. The other significant shareholders are Raiffeisen Bank, with a stake of 13%, and an Italian businessman, Lupetin Giovanni, holding a 5% stake.
The Timisoara-based company had planned to take over about 7.3 million Agras shares through the public offering, namely 21.26% in the company's capital.
Unita last year had business (gross premiums underwritten) worth about 40 million euros, while Agras' results revolved around 7 million euros. The two companies jointly hold about 6% of the insurance market.
Dan Odobescu, 50, a law school graduate, provided legal and business advice to insurance companies in Germany and other West-European countries before 1989.
Odobescu is also the brother in law of PM Adrian Nastase, as his wife Rodica Odobescu, Tarom CEO, is the sister of Nastase's wife Dana.
sorin.pislaru@zf.ro
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