The strongest Romanian insurance company opens its Branch in Hungary today

Today, October 28th, 2010, within a press conference taking place in Budapest, the Romanian insurance market leader company - ASTRA Asigurari - is opening its Branch in Hungary for Operation. The Hungarian ASTRA Asigurari Branch is headquartered in Budapest and it will operate under the name of ASTRA BIZTOSITO.

In the beginning, ASTRA BIZTOSITO will subscribe on the business segments on which the large company holds important positions on the Romanian company, respectively: property, Casco and vehicle liability insurance. The new branch will operate in accordance with the legislation in force at this time on the Hungarian territory on insurance. The financial statements, the transfer of liability, solvability, logistic support, as well as the implementation of electronic issuance and rating programmes, considering that in Romania, the company carries out 99.9% of its subscriptions electronically, will be supported by ASTRA Asigurari Romania.

The decision to expand to the Hungarian market is part of the strategic development plan ASTRA Asigurari has set for itself for the current year. The legal measures were taken to support and implement the development process. The final decision in the approval of the territorial expansion project belonged to the competent forums supervising the insurance - re-insurance activities in Romania and Hungary - CSA, the Insurance Supervisory Commission and the HSFA - Hungarian Financial Supervisory Authority.

“We are a trend setting company on the Romanian insurance market, and we are always subject to change and development. We are flexible in the establishment of our trade policies, we have updated and accessible insurance products in our portfolio, with coverage that meets the market standards. We have optimized the insurance policy issuance process, and our sales force is provided with one of the most efficient electronic subscription mobile systems; we have invested in human intelligence and in the latest range technology. We are opening modern damage centers for the optimum service provided to our clients on the damage segment and we are constantly recruiting sales force. This was the "success network" that brought the company to the 1st Position in the Top Romanian Insurers. As we have noticed similarities between the Romanian and the Hungarian market and as we already hold experience in the policy on the instrumentation of damage files on the Hungarian market, we have decided to also implement Romanian know how here”, declared Mr. Radu Mustatea, President of the ASTRA Asigurari Directorate.

The sales of ASTRA Asigurari insurance policies in Hungary will be carried out both by classic sales methods, and by network and online brokers.

The ASTRA BIZTOSITO branch in Hungary will be coordinated by Mr. Bela Torok. He is a graduate of the Faculty of Civil Engineering in Cluj and of an MBA programme of the Polytechnic Institute in Budapest. Starting with 1991, Bela Torok has held important management positions as a Branch Manager and an Area Manager within Generali Providencia Hungary. In 2010, he joined the ASTRA Asigurari team. Bela Torok is married, with a child.

Who are we?

ASTRA Asigurari has been activating on the Romanian insurance market for almost 2 decades. In 1991, the company has detached from the former ADAS, the insurance giant held by the Romanian state in the ‘90s. ASTRA Asigurari has thus benefited from the experience gathered on the national and international insurance market and it has started its activity with a strong team of insurance professionals. Starting with 1991, the company has been subject to a transformation and renewal process, and the business strategy adopted in recent years had provided visible results. In 2010, ASTRA Asigurări was the No. 1 company on the Romanian insurance market, a market leader on the aviation, property and vehicle liability insurance segments. The company has focused especially on the retail segment and it has developed interconnection partnerships with some of the most important brokers.

The company has over 60 types of products on general, life and health insurance, with multiple versions, meeting its clients’ widest range of insurance options.

About ASTRA Asigurari

The ASTRA Asigurari company is the Romanian insurance market leader and, during the first 6 months of 2010, it registered a net accounting profit of RON 11,363,128, with an 83% increase compared to S1/2009. The volume of the total subscribed gross premiums net of direct cancellations and re-insurance establishments (life and non-life) registered by the company during the first semester of 2010 amounts to RON 581,191,318, of which RON 574,903,620 is the volume of the gross premiums subscribed to general insurance, registering a 41% increase compared to the 1st semester of 2009.

According to the insurance classes, on 30.06.2010, ASTRA Asigurari registered the most important increases with its vehicle liability insurance, where the subscribed gross premiums amounted to RON 324 million, registering a 223% increase compared to S1/2009. Life insurance policies have registered a 134% increase, compared to the first semester of 2009, and the subscribed gross premiums amounted to RON 6.3 million. On the Aviation Liability Insurance (Casco), the company has registered an increase by 15% and the subscribed gross premiums with RON 10.3 million, RON 117 million for Casco vehicle insurance policies, RON 94 million consisting of subscribed gross premiums performed from the subscription on the building and assets insurance segment. The company has maintained the ascending trend registered in the previous year, performing subscriptions of RON 7.5 million from aircraft civil liability policies and subscribed gross premiums amounting to RON 4 million for hull liability (casco) and liability insurance policies.

ASTRA Asigurari also subscribes online by its sales portal, www.astraonline.ro, a sales instrument which will also be adapted and implemented in Hungary, as www.astraonline.hu.

Press Office, Mihaela.constantin@astrasig.ro