Starting this month, Agras took over the entire portfolio held by Omniasig Asigurari Agricole (Farming Insurance) unit, together with all ensuing obligations and the due reinsurance contracts.
This is actually the most important stage in the two companies' merger by absorption process. The formal agreement for the merger between Omniasig Asigurari Agricole and Agras was decided in March by the two companies' shareholders, during the General Assemblies of Shareholders.
The insurance portfolio transfer from Omniasig Asigurari Agricole unit to Agras was also approved by the Insurance and Reinsurance Surveillance Office (OSAAR) at the end of last month. Omniasig has been holding a 50.05% stake in Agras since last autumn, when it became the main shareholder.
Consequently, Omniasig portfolio has actually included two insurance companies with the same scope, leading to a natural merger decision. Omniasig wants Agras to become a leader on the farming insurance market. The company is to become an Omniasig subsidiary when it turns into a holding.
Agras, which provides insurance services tailored for agricultural activities, this year increased its share capital from 22.256 billion lei to about 63 billion lei, by including the surplus derived from fixed assets reassessment.
Agras registered 21.807 billion lei in non-life premiums last year, beside the 13 billion lei derived from the RCA policies.
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