Asirom, one of the largest insurance companies on the market, has decided to sell all of its non-insurance related assets, which are worth around 16 million euros. "These assets are real estate properties or stakes in various companies - assets that are unprofitable. Our strategy is to restructure our activity and only retain the insurance-related business," Boris Schneider (photo), the company's general manager, told ZF. The insurer made this decision in order to step back into the black, after having posted losses worth 1.6 million euros (5.3 million RON) in the first nine months of 2007, when it paid out settled claims worth 8 million euros for the Oltchim chemical plant. Asirom has yet to publish its financial results for 2007. Another insurance company that underwent restructuring and decided to sell a portion of its assets (6 million euros) last year is Ardaf, which has also registered losses over the last few years. In 2007, Asirom was taken over by Vienna Insurance, which holds Omiasig, Omniasig Life, Unita and Agras in Romania. The Austrians recently decided to increase the company's share capital by around 26 million euros (almost 93 million RON), from the current value of 18 million euros (64.9 million RON). As a result, Vienna Insurance will continue to invest significantly in Romania, after it performed capital increases worth 30 million euros last year for the other four companies it owns.
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