KPMG Restructuring, the liquidator of the bankrupt Romanian insurer Astra Asigurari, has announced the union leaders that it would start layoffs next month.

Astra still had over 500 employees in the subscription department at the end of November 2015, reports local Profit.ro.

KPMG had sent a document to over 100 potential investors, presenting the Astra employees as a strong resource. The liquidator was planning to transfer the business, as over 1 million policies were still valid. However, the announcement made to the union leaders on the future layoffs means that the plan to transfer the business has failed.

The Financial Supervisory Authority (ASF) has selected KPMG as the insurer’s liquidator also because of its strategy to valorize the Astra assets, keep the portfolio and transfer it to another insurer.

editor@romania-insider.com