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December 9, 2022

Elections for the Board of the Insurance Supervisory Commission put managers on the move

Sources of the insurance market claim that Toma Constantin, chairman and CEO of Omniasig recently submitted his resignation to the top management of majority shareholder Vienna Insurance Group (VIG). However, he denied the rumor, in a statement sent to HotNews.ro.

In his turn, Alexander Jedlicka, spokesman for the Austrian group mentioned that “VIG is currently making changes in its Romanian operations” and added that he will not comment the rumors in the market.

The rumors about the resignation of Toma Constantin come in the context of closing elections for the Board of the Insurance Supervisory Commission (CSA). The mandates of four Board members will end on June 28: Angela Toncescu, the President of CSA (elected in 2006, with support from PNL), two vice-presidents – Constantin Buzoianu (supported by PD) and Tudor Balta (supported by PSD), and a fourth member, Corneliu Moldoveanu (elected with PRM support). Market sources claim that Toma Constantin and Cristian Constantinescu are among the strongest candidates for the position of CSA president. Since 2005, the company became a member of Vienna Insurance Group. The Austrian group is the biggest insurer on the local market, through the incomes of its four subsidiaries: BCR Asigurari de Viata, BCR Asigurari, Omniasig and Asirom. In the first quarter of the year, the Austrian group reported a loss of EUR 4.97 M in Romania, against a pretax profit of EUR 7.41 M. Incomes from gross premiums subscribed by the companies held by VIG in Romania amounted to EUR 144.5 M in Q1 this year, down 2 pc from the similar interval of 2010.

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