Uniqa Group Austria, an insurance services firm, will dispose of its 27% investment in the Romanian Asigurare Reasigurare Astras (Astra), acquired in 2005, to Nova Group Investments, the majority shareholder of the company.
The relevant agreement was concluded between the Uniqa Group and the Romanian principal shareholder, which already holds 72.68% of Astra.
The agreement already concluded also includes the provision that, effective immediately, Astra will cease use of the branding phrase ‘A Member of the UNIQA Group.’
uniqa still remains represented in Romania through the 100% subsidiaries Uniqa Asigurari and Uniqa Asigurari de Viata.
The change of ownership in the minority investment previously held by Uniqa is intended to be processed within the coming months as a block trade through the Bucharest Stock Exchange and requires the approval of the responsible authorities.