Israel's alal Insurer Romanian Arm Sees 2009 Gross Premium Income Doubling at Least

"For 2009 we target to consolidate our team on a national level, diversify and innovate our products and distribution", Valentin Tuca, CEO of Clal Romania said in a statement. "Our aim is to construct a balanced, healthy portfolio, to reach the expected results even in the current conditions".

Clal Romania Asigurari Reasigurari SA was created in 2006 with the idea to develop direct sales business, by phone, to individuals.

"The local market, though, proved not to be ready for such services, as the Romanian client was not receptive enough to such form of sales," the statement said. Thus the company decided at the end of last year to restructure operations by developing its distribution channels and focus on corporate clients. The process began in 2008, and the company now employs 150 people and has share capital of over 12 million euro.

Clal Romania (www.clalromania.ro) is a subsidiary of Israel's Clal Group which operates also in the fields of investment banking, assets management, lending and private pension insurance.

($ = 0.7327 euro)