Romanian ASF fines non-life insurer CertAsig with RON 65,000

The Board of the Financial Supervisory Authority (ASF) announced the results of the unannounced control carried out at the non-life insuer CertAsig Asigurare Reasigurare, sanctioning the company with a fine in the amount of RON 65,000 (about EUR 13,500) on the grounds the company have not corectly calculated the solvency indicators requested by the market regulator, informed 1asig.ro.

To ensure the long-term stability of the company, CertAsig announced has revised its development strategy for the next period. Thus, the activity of the company will thus focus on liability insurance, guarantees, technical and property insurance, with the aim of increasing of mentioned portfolios in Romania and Bulgaria.

More than that, CertAsig announced the conclusion of an agreement with a new strategic partner, ABC Assevera - an Italian financial company based in Rome, with a capital of EUR 20 million, "which will make a substantial investment in the company", wrote 1asig.ro.

According to the most recent figures released by the company, in the first quarter of this year, the CertAsig's GWP increased by 5% y-o-y, reaching RON 15.2 million. At the same time, expenses were reduced by 9% compared to the same period of 2018.

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