Ardaf moves from building that almost drove it bankrupt

Ardaf, an insurance company controlled by Generali PPF group, has moved its headquarters from the building on Bucharest's Primaverii Boulevard, whose acquisition in 2005 generated significant financial trouble for the company. Ardaf used to pay 100,000 euros in monthly rent. Employees in the insurer's headquarters are now working in a rented space distributed over several floors in the building of Generali insurance company, close to Piata Victoriei. This is a cost cutting measure, Ardaf officials say. "The main reason for this decision is that the lease expired. This is part of a process of rent cost savings and targets several relocations (of territorial branches). It is a process we started in 2009 and will continue into 2010," says Stanislav Uma, general manager of Ardaf. According to sources close to the company, the insurer sold the Primaverii building to Daniel Tudor (who managed the company between 2007 and 2009) and then rented it out to the company for 100,000 euros a month.