Romanian Violeta Ciurel, the CEO of Axa insurance firm in Romania, was recently appointed CEO of the insurer's subsidiary in Portugal. She will take over the new position after Romanian insurance firm Astra Asigurari will finalize the Axa Romania takeover.

In Portugal, Ciurel will replace Joao Leandro, who will become CEO of Axa in Brazil.

The Romanian has 20 years of experience in finances and insurance. She is also a university professor and author of over 11 books on economy and business.

She joined Axa in 2012, and since 2012, she was also in charge of Axa Insurance Hungary. Previously, she ran Life Insurance and was an executive director within ING.

French insurance company AXA has agreed to sell its Romanian subsidiary to local insurance company Astra Asigurări, owned by local businessman Dan Adamescu. The parties agreed not to disclose the terms and conditions of the transaction.

AXA entered the Romanian market in 2010, when it took over Omniasig Asigurări de Viaţă from Vienna Insurance Group. Axa had invested some EUR 29.3 million in the Romanian subsidiary since entering the market, but the amount does not include the takeover price.

The AXA Group has 160,000 employees serving 102 million clients in 57 countries. In 2012, its revenues amounted to EUR 90.1 billion and its earnings to EUR 4.3 billion. The company had EUR 1.1 billion in assets under management end- 2012.

The buyer in this transaction, Astra Asigurari, had revenues of some EUR 133 million from premiums in the first half of 2013, up 16 percent on the same period of 2012. The company, which has been active since 1991, is controlled by The Nova Group Investments România – 72 percent of the shares, and Epsilon Estate Provider SRL- 27 percent, plus a group of individuals and companies who control the rest. Both companies are owned by businessman Dan Adamescu, who also owns the Intercontinental Hotel in Bucharest.

editor@romania-insider.com