Romanian Regulator Lifts Ban over Business of Unita Insurer

The ban was lifted thanks to the fact that Unita has communicated all the necessary documentation regarding the takeover and the changes in its management, the regulator said in a statement.

The insurance market regulator said on November 26 it has temporarily suspended Unita's operations over what it said were unauthorised changes in the company statutes, shareholder structure and management after its recent takeover by Austrian insurance group UNIQA. UNIQA said last month it has wrapped up the acquisition of 100% of Unita from the Vienna Insurance Group (VIG) for an undisclosed sum.

Unita, one of the biggest insurers in Romania, has been majority-owned by VIG since 2001. The company had a market share of 6.12% at the end of June. Its gross premium income grew by 93% last year to 142 million euro ($194 million).

($ = 0.7324 euro)