Eurohold management finds that the Financial Supervisory Authority (ASF) decision on Euroins represents "a hostile takeover of the Romanian subsidiary assets" and announces that it will start the process of challenging the decision on bankruptcy proceedings.
"Regarding the decision of the Romanian financial supervisory authority ASF to confiscate Euroins Romania (part of the Euroins Insurance group owned by Eurohold Bulgaria) by revoking the operating license and opening bankruptcy proceedings and appointing the Insurance Guarantee Fund (FGA) as interim administrator of the company, we regard this as a hostile takeover of the assets of the Romanian subsidiary. (... ) In a new proof of irresponsibility, ASF, the institution that failed to stop three bankruptcies in the insurance industry, has failed this time to understand a reinsurance contract, throwing the MTPL insurance market into a real disaster: Romanians will pay MTPL at indecent prices to finance the incompetence of the authorities and the systematic robbery practiced by COTAR," say representatives of the Bulgarian company, in a press release sent to AGERPRES on Friday.
They also say that the decision confirms "the intention to manipulate the insurance market and the premeditated nature of the actions of the supervisory institution," after it approved in the last two months the participation of a prestigious bank such as EBRD as a shareholder of Euroins and, at the same time, approved the capital subscription, which demonstrates the solvency and stability of Euroins financial position, actions that were not included in the summary underlying the ASF decision, which came before the report requested by the EBRD and before the results of the EIOPA (European Insurance and Occupational Pensions Authority) analysis.
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