ASF to support the acquisition of City Insurance by Swiss investor Max Roessler

Misu Negritoiu, the president of the Financial Supervision Authority (ASF), met with the Swiss investor Max Roessler to finalize the negotiations for the take over, City Insurance, the insurer that is in financial recovery. City Insurance has a share of 9 percent of the market and has a solid portfolio, especially on RCA segment.

„With an impressive banking and investment career, Max Roessler, owns a substantial portfolio of assets in several Swiss companies. He’s the main shareholder in the constructions company Implenia, and owns important shares in the machinery company Starrang Group, as well as in financial services company, including in insurance companies registered in Europe. He had different management positions in different companies. He is a professor, graduate of Harvard University and of the Technical University of Swiss Confederation from Zurich,” says the ASF.

Representatives of Berlin London Holding AG, a company with expertise at European level in management and reorganization of insurance companies, also attended the negotiations.

ASF said that it will support the transaction and „will cooperate both with Ciy Insurance, as well as with the investor for the restablishment of the capitalization financial indicators, solvency and liquidity of the insurance company in a period as short as possible.”

The ASF Council decided on April 2016 the opening of the financial recovery procedure of City Insurance. The decision was taken based on an analysis of the surveillance diagnosis and an unexpected control report that revealed gaps on figures related to the solvency and the capital levels of the company.