Dutch company signs agreement for the full acquisition of Carpatica Asig

The International Insurance Consortium (IIC), a company based in the Netherlands, focused on insurance companies in Eastern and Southeast Europe, has announced on Thursday it has signed an agreement with the owners of Carpatica Asig in order to acquire the insurer’s full package of shares, a company going through the resolution procedure to avoid bankruptcy, hotnews.ro reports. IIC says it wants to adequately capitalize the company, after receiving the necessary approvals from the Financial Supervisory Authority (ASF) and that, according to those approvals, they would like to complete the transaction until this summer.

“Carpatica was in the media attention during recent months due to lack of capital. I would like to emphasize that the IIC plans to adequately capitalize the company after receiving all necessary approvals,” said Jacob Westerlaken, managing director of IIC, in a press release issued to HotNews.ro.

On March 3, ASF decided to ‘penalise’ the company by withdrawing the authorization of Carpatica Asig board members and the members of the executive management, temporarily replacing the management with the Guarantee Fund for the Insured. The ASF penalty comes as businessman Ilie Carabulea and his son, Oprea Carabulea, along with five others in Carpatica management, namely Angela Toncescu, Liviu Stoicescu, Maria Cosa, Georgeta Crideanu and George Nasarau were detained by DIICOT Sibiu as they allegedly have constituted an organized criminal group.

Wolf Theiss has assisted the group of Dutch investors in the process of acquisition

Wolf Theiss has provided legal assistance to the Dutch fund International Insurance Consortium in the acquisition of Carpatica Asig SA, which is subject to early intervention measures according to the law of recovery and resolution for insurers, currently under the administration of the Guarantee Fund for the Insured (FGA). The concluding of the transaction is subject to the approval by the Financial Supervisory Authority (ASF) of the buyer as the new Carpatica Asig SA shareholder, a release from Wolf Theiss informs.

Ileana Glodeanu, Wolf Theiss partner: “It is one of our atypical transactions, with an exacerbated level of difficulty by the financial difficulties and by certain connections to the criminal code which have directly or indirectly influenced Carpatica Asig. All these explosive ingredients overlap the change of the entire legal package in the field of insurance in the past half year, with secondary legislation that is still pending. However we are fortunate to have beside a dynamic customer, who appreciates all these difficulties and accepts the challenge in order to make a success story out of Carpatica Asig.”