European based International Insurance Consortium/ IIC Group B.V. have stopped the completion of the purchase of all shares of the Romanian insurance company Carpatia Asig. This implicates that IIC Group have also withdrawn its application with the FSA to approve its 100% shareholding in the company announced IIC Group in a press release on June 7, 2016.
“IIC Group had a clear view on the necessity of a revitalisation plan for Carpatica promising a new future. Since the special status of Carpatica being placed under special management by the FGA, IIC Group found itself in a situation in which it was denied any further access to crucial and relevant information. In this unusual communicative blockade it moreover appeared to be impossible to set up a useful cooperation with those in charge of management and operations. At the same time the situation of Carpatica was further deteriorating and the figures as presented in the initial phase could not be taken as a basis for recovery anymore. As a consequence the implementation of the recovery plan appeared to be far away. IIC Group have therefore concluded to withdraw from the Carpatica Asig project”, reads the press release.