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XPRIMM News - THE ROMANIAN INSURANCE MARKET NEWSLETTER
No. 167, November 4th, 2010
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EDITORIAL


We are going global

Monte Carlo, Baden-Baden, London, Frankfurt, Amsterdam, Bruxelles, Vienna, Prague, Istanbul, Chisinau - not to mention Moscow, Yalta and Tashkent - this are just a few international business hubs reached by the distribution area of PRIMM Magazine SPECIAL REPORT "CEE, RUSSIA & CIS Insurance Markets" survey.

Besides the ever growing circulation, the report offers a detailed overview of the industry, including relevant data on business lines, a comprehensive analysis of 8 CIS markets and a broad perspective on all major European insurance groups.

So now, at its 3rd Edition, the SPECIAL REPORT reaches its main objective in full, bringing together the global insurance and reinsurance markets. And where else its release would have suited better than at The Annual Baden Baden Meetings?

Alexandru D. CIUNCAN
Business Development Director
Media XPRIMM

P.S.: As for the entire 2010 results, let's just say that all FIAR - the International Insurance - Reinsurance Forum participants will have a special surprise.

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INTERVIEW


Interview with
Aurica DOINA, Vicepresident, National Commission of the Financial Market (NCFM)
Vladimir STIRBU, Insurance Department Director, NCFM


XPRIMM: How does, at this point, the insurance market in the Republic of Moldova present itself?
Vladimir STIRBU:
The insurance market in Moldova, like those in the region, knows a growth, but not a very fast one; in addition, the impact of the crisis is obviously felt here, too. However, according to preliminary data for the first nine months of 2010, compared to the same period in 2009, we see an 8% increase in gross written premiums volume. This is not necessarily favorable, as growth in the first quarter reached 15%, and currently we expect, in the last quarter of the year, to recover losses from the third quarter.

XPRIMM: Can we say that Moldova has not suffered so much due to the crisis compared to other countries?
Vladimir STIRBU:
We have not suffered in terms of the emergence of negative figures, but the effects are felt, as we initially expected a higher growth in terms of quality. The crisis manifested itself in the form of a slowdown, which for us is still a negative thing.

XPRIMM: What did the National Commission of the Financial Market do to improve the legal framework of insurance?
Aurica DOINA:
The financial market reform policy includes measures such as harmonization of legal framework with EU directives, the transition to a transparent, efficient and reliable market and, no less importantly, to restore public confidence in insurance products and, in general, in the non-banking financial products.
In the context of regulations and laws, I must mention that we already have results that were reflected on the local profile market. Here we can talk about the new requirements and limitations in terms of share capital, we can talk about new institutions - such as insurance brokers. Another aspect would be that we are expecting the results of the regulations related to the creation of the legal framework regarding the Street Victims Protection Fund, the compensation fund.
Other measures that will be implemented will reffer to tougher rules for the financial safety of insurance companies. I would underline here that all we have obtained until now was based on values such as commitment and support of colleagues in the market and of our development partners. The context of today must also be mentioned, which I think is a success, because it brought together at the dialogue table both colleagues in the market, as well as leading international experts, who come with their own points of view from their practical experience.

Vladimir STIRBU: Legislation and regulations in the insurance field are now among the main concerns of NCFM. In this chapter we have a slight "delay", but we are now catching up with rapid steps, with support from development partners of the Commission, especially with World Bank support. Through the project financed by this partner, we have now 13 regulations in the final stage. The purpose of these regulations is to align to the EU legislative framework. I hope to succeed in a short time, preferably by mid next year, to finalize all the projects started. The main elements to be introduced until the end of this year are the rules of prudence, extremely necessary, related to solvency and technical provisions, the manner of their calculation. We are reorienting the market towards new assets, to cover technical reserves, and towards solvency, which will allow to maintain the insurer's financial stability.

XPRIMM: How open do you consider the Moldavian insurance market is to foreign investments?
Aurica DOINA:
In the Republic of Moldova, we have a favorable, non-discriminatory legal framework and there are plenty of tax instruments that could attract investors' attention. The market is open to foreign investors initiatives and we are expecting them, as a result of the ongoing reforms.

XPRIMM: What do you think is the biggest problem for the insurance market of Moldova and what does the Commission do in this respect?
Aurica DOINA:
I think the most striking problem (actually, not so much a problem, as a deterrent factor) is the lack of trust of the population in insurance instruments. They are seen as an extra expense. It is necessary to inform the population in order for the advantages of insurance protection systems to be known. Obviously, the profile industry has the main role, that of solving any problem that citizens could have.
As for regulations, there are no problems, meaning that the insurance industry can face the challenges. I realize that they are complex, and from the experience of other countries we know that new challenges will continue to appear, but we, along with colleagues from the market and our development partners, will try to deal with them.

Vladimir STIRBU: There are situations that are not finalized - including the already mentioned legal framework. Also, I believe that investments in insurance, including new technologies, remain a problem for us. But we hope that, over time, and also with the help of the event organized by Media XPRIMM, we will succeed in our attempt to promote insurance market in Moldova, so that we are known and recognized abroad, and investments will come soon. I think this will ensure a competitive environment and a legal framework to match it.

by vlad.panciu@mxp.ro,
andreea.state@mxp.ro

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Aurica DOINA
Aurica DOINA
Vicepresident, National Commission of the Financial Market (NCFM) Republic of Moldova

Vladimir STIRBU
Vladimir STIRBU
Insurance Department Director, National Commission of the Financial Market (NCFM)
Republic of Moldova

MEDICOVER
 
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Romania is the third non-life insurance market in CEE
Romania is the third non-life insurance market, based on the criterion of gross written premiums volume, in 1H/2010, in the Central and Eastern Europe area, according to the Special Report "CEE, RUSSIA & CIS Insurance Markets". This positioning takes place in spite of a negative nominal evolution of over 5% and in spite of a decrease in market share, from 10.10% in 1H/2009, to 9.5% in 1H/2010.
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by vlad.boldijar@mxp.ro, 29.10.2010



"CEE, RUSSIA & CIS Insurance Markets Special Report": Romania holds 2.7% of the total life insurance market from CEE
With EUR 195 million gross written premiums on the life insurance segment in the first half of 2010, the Romanian profile market ranked itself, in the analyzed period, according to the "CEE, RUSSIA & CIS Insurance Markets Special Report", on the sixth position in the Central and Eastern Europe area.
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by vlad.boldijar@mxp.ro, 28.10.2010



ASTRA Asigurari - historical expansion in Hungary
On the 28th of October, in a press conference held in Budapest, the leading insurance company in Romania, ASTRA Asigurari, has operationally launched its Hungarian branch. It has its headquarters in Budapest and will operate under the name of ASTRA Biztosito.
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by mihaela.circu@mxp.ro, 28.10.2010



OMNIASIG: officially, for 15 years on the Romanian insurance market
OMNIASIG VIENNA Insurance Group officially celebrated 15 years of activity on the Romanian profile market on the 27th of October 2010 - a period during which, with a constant evolution and a sustained rhythm, it became one of the undisputed leaders of the Romanian insurance market.
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by andreea.ionete@mxp.ro, 28.10.2010



METLIFE completed the acquisition of ALICO
METLIFE announced, on the 1st of November 2010, the completion of the acquisition of American Life Insurance Company (ALICO), from the American International Group (AIG), for USD 16.2 billion. ALICO is present on the Romanian profile market through ALICO Asigurari (former AIG Life, officially renamed at the beginning of 2010, after the name of the shareholder), this being the third life insurance company on the local market. In 2009, ALICO Asigurari, under the management of Theodor ALEXANDRESCU since 2005, was the second most profitable insurance company in Romania, with a net profit of EUR 16 million.
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by mihaela.circu@mxp.ro, 02.11.2010



"CEE, RUSSIA & CIS INSURANCE MARKETS": Romanian insurance density, still very low
In the first half of this year, Romanians have spent on insurance products and services an average of EUR 48.7/person, thus placing the market on the 11 position in the top 17 countries that contour the Central Eastern European Region, as shown in the latest Special Report "CEE, RUSSIA & CIS INSURANCE MARKETS", launched Sunday, October 24th, at the annual Baden-Baden reunion.
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by vlad.boldijar@mxp.ro, 26.10.2010



Romanians invest more and more in their children's future
Parents need to save for their children's future - the population is more and more aware of that, after the insurance companies efforts to inform the people. Therefore, the financial plans, that offer parents the possibility to save various sums on the long term, for the child's successful start as an adult, can be found in the current campaigns of the profile companies - ING Life, BCR Asigurari de Viata, ALICO Romania.
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by andreea.ionete@mxp.ro, 27.10.2010



Cseke ATTILA: The copayment will be introduced in the first half of 2011
The copayment system will most likely come into force in the first half of 2011, after the Parliament's debate regarding this law, stated on the 25th of October, Cseke ATTILA, Health Minister, after the meeting with the IMF representatives.
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by mihaela.circu@mxp.ro, 26.10.2010



The biggest claim paid by GENERALI in Romania: EUR 4.2 million
Since 2000, floods have generated the most significant volume of claims, totaling EUR 81.5 million, while fires have caused claims of EUR 50 million, another EUR 21 million being paid for property insurance, according to an analysis of the largest non-life claims registered by GENERALI PPF Holding companies in the Central and Eastern Europe, since 2000 and until now. In terms of the number of cases, most claims was caused by fire (45% of the total), floods (16%) and car accidents - MTPL (16%).
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by andreea.ionete@mxp.ro, 03.11.2010



Special offers from ALLIANZ-TIRIAC for SMEs
ALLIANZ-TIRIAC launched a series of special offers for small and medium-sized client companies, valid between October 18th - November 19th. During this period, they benefit of preferential tarrifs when buying contracts for the latest products for legal persons: Protect Group - life insurance for groups of employees, respectively FlexiCasco - insurance for car damage and theft.
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by mihai.cracea@mxp.ro, 01.11.2010



Increasing claims bring new special offers
Although claims on the Motor Hull segment have been continuously increasing, insurance companies on the Romanian market continue to focus on this class of insurance. Also, promotional offers are present in the market, being oriented primarily towards certain categories of insured.
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by mihai.cracea@mxp.ro, 01.11.2010



UNIQA Asigurari de Viata and PREMIA Med Management are offering life insurances with dental service plans
UNIQA Asigurari de Viata closed a partnership with PREMIA Med Management, based on which, life insurance products will be offered to clients of this dental clinic. In the same time, PREMIA Med will supply dental service plans, group or individuals, for the new clients of UNIQA Life, in the form of medical expenses insurance.
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by mihaela.circu@mxp.ro, 26.10.2010



All about ALICO Asigurari and the services it offers, on the new corporate site of the company
ALICO Asigurari, the third life insurance company on the local market, launched at the beginning of this week the new website, www.alico.ro, the Romanian division completing, this way, the online corporate image developed by ALICO at a group level.
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by andreea.ionete@mxp.ro, 27.10.2010

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BADEN-BADEN


VIDEO: The Baden-Baden Interviews
Over 2,000 leaders and specialists, representing the most important insurance and reinsurance worldwide companies, international journalists and consultants participated at the 2010 Edition of Baden - Baden Meetings between insurers, reinsurers and brokers.
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VIDEO: Baden - Baden events, now on XPRIMM TV
Last week was filled with a new series of meetings held in Baden - Baden, city that has been hosting, for over 30 years, in the last week of October, the meetings between insurers, reinsurers and brokers. They come here to debate reinsurance terms and prices for the next year and to establish new business contacts. In this context, the second edition of the Baden - Baden XPRIMM Reception took place.
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by oana.radu@mxp.ro, 02.11.2010



The second edition of the XPRIMM Reception has opened the meetings week at Baden-Baden
Over 200 leaders and specialists, representing the most important insurance and reinsurance companies world wide, international journalists and consultants took part yesterday, October 24th 2010, at the second edition of the Baden-Baden XPRIMM Reception.
This event presented the opportunity of a new editorial premiere: the "CEE, RUSSIA & CIS 1H 2010 Insurance Regional Survey". This consists of an extended variation of the previous two editions and it covers the Central and East European markets, as well as the ex-soviet states, Russian and Turkish markets.
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by vlad.panciu@mxp.ro, oana.radu@mxp.ro, 25.10.2010



Natural disasters take their toll on reinsurers
In recent years, Austria and Central and Eastern Europe have been pummeled by a rising frequency and severity of natural catastrophes, says , SWISS Re's Market Executive for the region. And so far, 2010 is proving to be no exception to the rule. Over the past 10 months, a steady string of natural disasters have struck CEE, impacting lives, property and balance sheets.
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by mihai.cracea@mxp.ro, 26.10.2010



Reinsurers adjust but remain cautious
Reinsurers are taking a number of measures to replace income they have lost due to the challenging economic conditions globally, but they are maintaining their discipline to a greater extent than they did when the market last softened greatly in 1999-2001.
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by fabian.tatomirescu@mxp.ro, 25.10.2010



Global Reinsurers Push for Life Business
The top five global reinsurers could derive 50% of thei r business from life reinsurance within the next three years, said Vasilis KATSIPIS, Deneral Manager Analytics at A.M. BEST.
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by mihai.cracea@mxp.ro, 25.10.2010



Toxic spill could boost demand for pollution insurance cover
The Hungarian environmental disaster that killed nine people and spilled toxic sludge across 40 square kilometers earlier this month is likely to fuel further demand for pollution insurance.
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by mihai.cracea@mxp.ro, 26.10.2010



Loss Making Motor Insurance Lines Require Immediate Action - SWISS Re
Conditions in the german motor insurance market remain critical and it requires immediate action from insurers, according to Swiss Re. Price wars and rising claims inflation has meant that the German motor insurance is now in a "bad shape", with business not being profitable for many insurers.
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by mihai.cracea@mxp.ro, 25.10.2010



MUNICH Re sees growth opportunity in energy risks
MUNICH Re said on Monday that renewable energy was one of the few growth areas in an otherwise saturated German nonlife insurance sector. The reinsurer also said that traditional energy also offered potential as plans to increase the market for Gulf of Mexico offshore casualty energy insurance were progressing.
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by mihai.cracea@mxp.ro, 26.10.2010



Brokers target booming life sector
Reinsurance brokers hope to gain greater access to the life market as business booms in the sector, said Marc BECKERS, analytics, EMEA, AON Benfield. Mr. BECKERS said he agreed with AM Best, which said earlier this month that 50% of the top ive reinsurers business would come from life reinsurance within three years.
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by mihai.cracea@mxp.ro, 26.10.2010



France and Japan buy most death and disability
AON Benfield has launched a survey of global life insurers. Its aim is to understand reinsurance purchasing patterns and help benchmark retention, quantity and price of death disability catastrophe reinsurance covers around the world.
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by fabian.tatomirescu@mxp.ro, 25.10.2010

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CEE, RUSSIA&CIS

Poland - the largest insurance market in CEE for the 1H2010
In the fiscal period of January-June 2010, Poland's insurers had a total premium of EUR 6.3 billion, up 15% compared with 1H/2009. Also, the life insurance market in Poland has a high penetration rate. In 1H/2010 this type of business earned a total of EUR 3.63 billion GWP, which was almost 58% of the market's total value. The highest growth in the premium written pertained to products linked to insurance capital funds - 27.3%. The balance on technical life account after the 1st half of the year amounted to EUR433m and was 38% higher than a year ago. The net financial result amounted to EUR457m.
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by vlad.boldijar@mxp.ro, 04.11.2010



VIENNA Insurance Group No. 1 in Slovakia
Together with the two other group members, KOMUNALNA Poistovna and Poistovna SLOVENSKEJ, the VIENNA Insurance Group (VIG) holds a position of market leader of its core market in Slovakia, according to company's press release.
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by oleg.doronceanu@mxp.ro, 04.11.2010



PTR expands its product offer
POLISH Reinsurance Company has started a new line of business, namely agribusiness. The Polish market of agricultural insurance is estimated to be worth about 700 million zloty per annum and continually increases.
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by andreea.ionete@mxp.ro, 04.11.2010



MDRT European Meetings: Strength in numbers
"Despite the difficult markets we experience there are great opportunities not to be missed. However, as we recover from the financial crisis, confidence in the industry must be restored again. The message for financial professionals is simple: professionalize or perish. In the end, the downturn will act as a watermark between "amateurs" (destined to perish) and professionals (destined to thrive). Professional development and continuing education are the way forward", according to Margarita CHRISTODOULATOU, MDRT Europe MCC Chairperson and President of the Program Content Task Force.
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by andreea.ionete@mxp.ro, 04.11.2010

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FINANCIAL NEWS


Jeffrey FRANKS: I had intense and tough discussions in Bucharest; We consider that Romania will register economic growth in 2011
IMF Romania chief of mission, Jeffrey FRANKS, declared on Saturday, the 31st of October 2010, that representatives of the international financial institution informed the President about the existent options and the necessary actions to move on, mentioning that Romania will register economic growth in 2011, Romanian news agency Mediafax informs. "We had several tough and intense talks in Bucharest, but there is a good collaboration with Romanian authorities and we will get to an understandng", IMF official declared.
Here are his most important declarations
- "We had a series of intense and tough discussions and I believe we will get to an agreement";
- "There were quite a few challenges in Romania in the last several months but steps to move on were made. We have a very good collaboration with the National Bank, the Finance Ministry and many ministers involved in talks";
- "We talked with the President and informed him about the talks so far, the options ahead and the actions to be taken in order to move on";
- "We believe that Romania's growth will be positive next year".
by hotnews.ro, 1.11.2010


PwC: Romania to come out of recession in 2011
According to PRICEWATERHOUSECOOPERS (PwC) analysts, Romania's economy will come out of recession in 2011 when it will report a 1.6 percent growth, their prognosis being in line with official estimates. Nevertheless, according to them the annual inflation rate will stand at 5.4 percent, surpassing by far the 3 percent target set by BNR, a communiqué remitted to the editorial office shows. PwC's estimates are part of a report showing that the world's economic growth continues to rest on the shoulders of emergent economies while many of the developed economies are facing high unemployment rates and a drop in consumer demand. At global level, PwC forecasts an economic growth of 3.5 percent this year and 3.1 percent in 2011. Likewise, the study shows that India and China will continue their impressive growth rhythms in 2010 and 2011. China's economic growth is forecast at 9.6 percent this year and 9.3 percent next year, while India will report an estimated growth of 8.6 percent this year and 8.5 percent in 2011. Germany's economic growth is forecast at 3.3 percent this year, more than twice the Euro Area's overall economic growth. At the same time, the American economy will return to an upward trend despite the high unemployment level and the fears concerning a deflationary process. "Consumers are feeling the recession's side-effects, with all polls dealing with confidence in the economy revealing the consumer's fears. In the US, for example, a persistently high unemployment rate (of over 9 percent) combined with low prices in the real-estate sector and with fiscal policy uncertainty maintains pessimism in what concerns the economic outlook", Yael SELFIN, leader of PwC's macro-economy group, stated in the communiqué.
04.11.2010


ORANGE Romania: RON 3 million-project to enhance the employees' skills
SC ORANGE Romania SA will implement, by the end of June 2011, a project to enhance the skills of 450 employees, worth a total of RON 3.050 million, 60 percent of which (RON 1.830 million) will be covered out of non-reimbursable European funds, according to a release sent to Nine O'Clock. The main target of the project is ensuring a higher competence level for the top specialists in SC ORANGE Romania SA, enhancing their potential to accede to more complex future positions.
by nineoclock, 01.11.2010



ING: Central Bank sets ambitious inflation target
BNR has set new and ambitious inflation targets starting with 2012 only in order to give positive signals, ING Bank Romania analysts claim. In their opinion, the Central Bank will not harden its monetary policy in order to attain them, something that will lead to new failures to attain the targets, Mediafax informs. The National Bank of Romania's Administrative Board has decided that the inflation rate target for 2012 will be maintained at its 2011 level of 3 percent (plus/minus one percentage point) and has adopted a stationary target of 2.5 percent (plus/minus one percent) for 2013.
ING analysts however note that the Central Bank continues to state that the inflation rate will be low but usually the annual inflation rate surpasses by far BNR's estimates and the targets it sets. BNR failed to attain the inflation targets set in the last three years and it estimates that the annual inflation rate will surpass the target at the end of this year too, as a consequence of the 5 percent VAT hike implemented in July. "It's hard to believe that the inflation rate will be so low against the backdrop in which the economy continues to have to go through structural adjustments, many of which entail higher prices", the ING report adds. The bank's analysts consider that it is expected for the prices of natural gas, which are far below the EU average, of cigarettes, of district heating and of electricity to grow in the future. Moreover, the ING specialists point out that BNR will not allow the RON to appreciate as happened in 2007.
by nineoclock, 03.11.2010


Outstanding loans up 9 pc in September
The amount of loan arrears rose 9 percent in September to RON 15.66 billion, or 7.47 percent of overall loans, according to data published by the National Bank of Romania and reproduced by Mediafax. Hard loan arrears accounted for 6.36 percent of the total hard loans, nearly 1 percent up from the 5.57 percent in late August. The proportion of outstanding hard loans stood at 3.04 percent early this year. Outstanding RON loans too began to climb in September, yet not so steep, by 3.5 percent, to RON 7.31 billion. RON loan arrears account for 9.36 percent of the overall RON credits, up from 9 percent in August. The highest proportion of late September overdue loan, over 10 percent, were reported in the counties of Arad, 10.45, Bistrita-Nasaud, 12.1 percent, Galati, 12.1 percent, Ialomita, 11.6 percent, and Suceava, 10.6 percent. In Bucharest, they equalled 6.36 percent of all the loans, which totalled RON 209.4 billion in late September, an amount slightly similar to that posted at the end of August, RON 209.12 billion. At the end of 2009, they accounted for 5.6 percent of the overall RON loans.
by nineoclock, 28.10.2010


Romania, among Europe's most receptive to ORACLE products
The ORACLE Company has completed this year its takeover of SUN Microsystems, providing a range of products covering the company hardware segment, technology, middleware and business applications. A good portion of the new product line, including the SUN portfolio, presented at the annual conference ORACLE Open World in San Francisco, last September, has been, or is going to be implemented in Romania too.
"I'm pleasantly surprised at the way the Romanian market answered these new challenges in the field, given this difficult economic moment. We are content with the degree of adaptability and adjustment here and I should like to say this is a good market compared to others in Europe", Sorin MINDRUTESCU, CEO of ORACLE Romania, the local subsidiary of the world's largest manufacturer of business software, told a press conference on ORACLE Day Romania 2010.
Among the new oracle applications, ORACLE Fusion Applications, with a range of over 100 modules from seven different product families aimed at various domains, including financial management, supply and suppliers, human capital management. ORACLE Exalogic Elastic Cloud is the first middleware integrated solution offering a comprehensive cloud application infrastructure, Java and non-Java application. In the Exadata Database Machine X2-8 department, the latest and most successful ORACLE new line of products, Romania is, alongside Turkey, among the most receptive markets.
On the other hand, ORACLE has agreed on the 2nd of November to buy e-commerce company ART Technology Group for about USD 1 billion, in a move designed to expand the range of services the business software giant can offer its customers.
by nineoclock, 04.11.2010


NEW KOPEL brings the CHERY automobile to Romania
Israeli automotive company NEW KOPEL Group will launch the CHERY automobile on the Romanian market in the first half of next year, with 24 units of the Chinese brand already undergoing tests in the company fleet. According to Mediafax, NEW KOPEL Group, which also deals in car rentals and leasing, will sell the Chinese brand through its car sales subsidiary UNION MOTORS, a dealer of the SUZUKI and OPEL brands. "As far as prices are concerned, we can say these won't be under those of DACIA, but they won't be very far from these either", company CEO, Dudy PERRY, stated, during the opening event of UNION MOTORS' first OPEL showroom. UNION MOTORS inaugurated, on the 27th of October 2010, its first OPEL showrooom since it became partner of the German brand. The showroom was constructed on the Bucharest-Ploiesti motorway, upon a total investment of EUR 6 million.
by nineoclock, 28.10.2010

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EVENTS


VI International Conference "World Views for LIFE INSURANCE in Eastern Europe, CIS and Asia"
November 9th-10th, 2010
MARRIOTT Royal Aurora Hotel, Moscow
Organizer: Russian Polis Information Group
Media Partner: PRIMM Magazine - Insurance & Pensions
Official web-page: www.in-sure.ru


Euro Finance Week
November 15th-19th, 2010
Frankfurt, Germany
Organizer: MALEKI Group
Media Partner: PRIMM Magazine - Insurance & Pensions
Official web-page: www.malekigroup.com


November Reinsurance Meetings
November 23rd-24th, 2010
International information and exhibition center InfoProstranstvo, Moscow
Organizer: All-Russian Insurance Association (ARIA)
Coorganizer: DELOVOY Format Group
Media Partner: PRIMM Magazine - Insurance & Pensions
Official web-page: www.nbm-moscow.ru


MDRT Europe ClassIQ regional meeting
February 2nd-4th, 2011
Athens, Greece
Organizer: MDRT Europe
Media Partner: PRIMM Magazine - Insurance & Pensions
Official web-page: mdrteuropeclassiq.com

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XPRIMM Newsletters

THE EDITORIAL STAFF:

President: Sergiu COSTACHE CEO: Adriana PANCIU
Business Development Director: Alexandru D. CIUNCAN

Editor in Chief: Mihaela CIRCU
Scientific Advisor: Daniela GHETU
International Column Coordinator: Andreea IONETE
Senior Editors: Vlad PANCIU, Oleg DORONCEANU
Editors: Vlad BOLDIJAR, Oana RADU, Mihai CRACEA, Andreea STATE
Junior Editor: Dora ALECU

Accounts Manager: Georgiana OPREA
IT Department: Octavian GRIGOR, Dorin PALADE, Cosmin ARMASESCU

e-mail: xprimm@primm.ro

PUBLISHED BY: Media XPRIMM


Reproduction or use without permission of editorial or graphic content, in any manner, is prohibited. The Editorial Staff is not responsible for the truthfulness or the accuracy of the presented data. The Editorial Staff has the right to present the data in it's own manner. In what concerns the use, in any manner, of the information contained in this e-mail, Romanian laws apply.

Copyright©2010 MEDIA XPRIMM

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