
Royalton-backed Certasig goes under - report
Royalton-backed Romanian insurer Certasig has entered bankruptcy, following a request by the country’s Financial Supervisory Authority (ASF).
Royalton acquired a majority stake in Certasig in December 2007 via its Royalton Capital Investors II fund, a closed-ended private equity vehicle.
ASF’s request came as the company failed to cover the minimum capital required by Solvency II, Profit.ro reported. According to the same report, the company's CEO Cristian Daianu said that the bankruptcy was driven by the lack of financial support expected from Royalton, the company’s main shareholder.
Profit.ro reported that Certasig needed a capital injection of between €5.5m and 6m, of which about €2m to meet the minimum capital requirement. The money should have been brought into the company by the beginning of February by ABC Assevera, an Italian financial company. The firm acquired a 10% stake in Certasig in December, and also failed to inject the capital as promised, the same report noted.
At the end of 2018, Certasig registered gross written premiums of €12.4m. In November 2019, ASF announced that Certasig reduced its share capital from RON 43.28m to RON 17.5m.
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