Carpatica Asig SA, taken over by International Insurance Consortium

Carpatica Asig SA, the insurance company that now makes object to several intervention measures on the basis of insurants’ resolution and redressing law, was acquired by International Insurance Consortium, an investments company from the Netherlands, with a focus on the insurance companies from Eastern and South-Eastern Europe.

Carpatica Asig SA was founded in 1996 by business man Ilie Carabulea, was first named ASA Sibiu Atlassib, and is currently managed by the Guarantee Fund of the Insurants (FGA).

IIC was represented by Wolf Theiss in this transaction. The team of lawyers led by Ileana Glodeanu claims the transaction to have been a true challenge, considering the suspensive conditions, certain criminal law ramifications, the changes in the legislation in the past months and, finally, regulations on the way to be enacted. The seller was advised by a team of lawyers led by Dumitru Rusu from Voicu Filipescu. The finalizing of the transaction is conditioned by the approval of the Authority of Financial Surveillance (ASF).

by Mihaela Constantin