The mandate of Mr. Radu Frincu as General Manager of S.C. CertAsig

Bucharest, January 28, 2010 – The mandate of Mr. Radu Frincu as General Manager of S.C. CertAsig – Societate de Asigurare si Reasigurare S.A. will cease following an agreement concluded with the shareholders. Radu Frincu seated on this position during 2006 – 2010 and he will be replaced by Mr. James Grindley, who is the Deputy General Manager in the present and with whom Radu cooperated over the last 2 years. Radu Frincu will continue his activity in the Romanian insurance market.

Nigel Williams, Chairman of the Board of CertAsig said:

„We all at CertAsig wish to thank Mr. Frincu for his contribution and efforts paid for the development of the company. In the last years, the volume of the gross written premiums increased from 1.95 million RON, according to the financial statements of 31.12.2006, to more than 26 million RON registered at 30.09.2009, CertAsig’s rank in the Romanian insurance market being elevated from 33rd up to 17th.”

The majority shareholder of CertAsig have increased the share capital by a payment of 10.3 million RON. Thus, the company will have a share capital of 83,2 million RON.

James Grindley, General Manager and member of the Board said:

„The new capital will assist CertAsig in further growing its business, contributing to the development of its main lines of business: marine, liability, property and casco insurances. Providing quality services to our clients and strengthening the cooperation with the insurance brokers remain ones of our most important objectives.” declared James Grindley.

NOTE TO EDITORS

S.C. CertAsig Societate de Asigurare – Reasigurare S.A. was established in 2003, when two insurance companies merged.

In the Romanian insurance market, CertAsig’s main objective was to become the first to provide for certain types of “niche” business”. In December 2007, a private equity fund, Royalton Capital Investors II, acquired 95% of CertAsig’s capital, through Certasig Holdings S.A., with the commitment to develop the company as a corporate and niche insurer and to expand its activities in other Central and Eastern European Countries.

Royalton Capital Investors II’s has amongst its investors the European Bank for Reconstruction and Development (EBRD) and the European Investment Fund (EIF).

Contact details:
Tel.: 021 311 91 04
Fax: 021 311 50 56
Email: pr@certasig.ro