City Insurance, Romania’s RCA market leader, has announced the appointment of a new Board of Directors. According to a press release, the nominees are: Epameinondas Papanikolaou – President, Renato Szilagyi – Vice-president and Bodo Herold, Member. The nominees are awaiting the approval of the Financial Supervisory Authority (ASF).
”We are confident that very good times are coming for us, a growth in all aspects: quality of services, company culture, turnover, etc. We’ve reached this point with perseverance, courage and hard work, we promise so much more in the future,” Hans-Wili Schroiff, the President of the Supervisory Board of Societatea de Asigurare-Reasigurare City Insurance, stated.
For non-compliance with the financial recovery plan, the Board of ASF has decided early last April the withdrawal of the authorization of President of the Management Board and that of General Director of Dan Odobescu and his sanctioning with fine of RON 50,000.
Today, Societatea de Asigurare-Reasigurare City Insurance is one of the most powerful players in the Romanian insurance market, recently reaching the leading position in the MTPL (RCA) and non-life insurance market, according to ASF recent report.
Societatea de Asigurare-Reasigurare City Insurance was established in 1998. Nowadays, City Insurance has over 300 employees and 42 agencies that both underwrite non-life insurance and settle claims.