Wiener Staedtische insurance company yesterday replaced the management of the fifth biggest general insurance company in Romania, Unita. Therefore Dan Odobescu and Daniel Stan, the former the chairman and the latter a member of Unita''s board of directors were recalled from their positions. Dan Odobescu was also the chief executive of the company. Dan Odobescu will also cease to hold the position of chairman of Agras'' Supervisory Board. Dan Odobescu "took over new duties inside Wiener Staedtische, according to his expressed interest"the officials of the Austrian company said. Neither Dan Odobescu, nor Daniel Stan were available for comment yesterday. The position of Unita''s chairman of the board of directors went to Iulian Dumitru, who is the deputy general manager of the insurance-reinsurance company Omniasig. Mircea Arsene, head of the Omniasig Iasi branch was appointed member in the Unita''s board of directors. Dan Odobescu was appointed to the helm of Unita in the summer of 2004, after a troubled time for the company, which had to increase its share capital to meet legal liquidity requirements. He relocated the headquarters of the company from Timisoara to Bucharest and boosted the company''s business, which witnessed growth by 67% in euros in 2005 compared with 2004. On the other hand, losses went up from 520,000 euros in 2003 to 1.6 million euros in 2004. No financial results for 2005 have been revealed yet, but company officials were saying that they were in still in the red when they released the nine-month financials last year. ZF
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