KD Life, a life insurer the Insurance Supervision Commission(CSA) placed under special administration in March, has reached anagreement with Eureko insurer to transfer its around 5,500-policyportfolio to it. After the transfer, the company will be closed.The insurer was placed under special administration because of itsfinancial woes. "We are transferring our portfolio to EurekoAsigurari, there are around 5,500 policies. Subsequently, KD Lifewill have its licence withdrawn and it will be treated like anytrading company under liquidation," Nicolae Crisan, specialadministrator of the company, appointed by CSA, told ZF. KD Life isa small insurer, with gross underwritten premiums worth almost 6.7mRON in 2009, almost flat from the previous year. The company ispart of Slovenia's KD group, which also operates in the field ofmutual funds, and was set up in late 2005. The company banked onselling unit-linked life insurance policies, but did not manage togain market share, and shareholders are now lacking funds tosupport its development. Eureko Dutch company is not at its firstdeal with KD group: last year, it took over the Slovenians'mandatory private pension fund.
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