ASA KINDLUSTUS AS

ANNOUNCEMENT

01.09.1999

 

ABOUT RESTRUCTURING OF INSURANCE-TECHNICAL RESERVES

 

ASA Kindlustus, AB Elukindlustus and one of the world’s leading 

insurance groups Aon have concluded a memorandum, pursuant to which the 

insurance-technical reserves of ASA Kindlustus and AB Elukindlustus 

will be brought into line with the Insurance Law under re-insurance 

contract to be concluded with Aon group’s re-insurance company Aon Re. 

Auditors of Deloitte & Touche have reviewed and approved the 

restructuring of reserves in such form.

 

In accordance with the signed memorandum, Aon Re will re-insure the 

risks of ASA Kindlustus and AB Elukindlustus, which are not currently 

re-insured. As a result of the above, the requested level of companies’ 

technical reserves will decline, i.e. brought into line with the 

Insurance Law. The contract will cover the current and future insurance 

policies issued by ASA Kindlustus and AB Elukindlustus.

 

Memorandum concluded with Aon is a part of the alternative activity 

plan of AB Kindlustuse Grupp to include additional investors to the 

companies and restructure the insurance-technical reserves.

 

Aon Corporation is an international group including insurance 

brokerages, insurance consultants and insurance companies. Aon employs 

44 000 workers and has 550 representation offices in 120 countries. The 

turnover of Aon Corporation in 1999 totaled 6.4 billion USD.

 

Additional information: 

Sergei Netšajev, ASA Kindlustuse AS, Chairman of the Management Board, 

Tel  + 372 641 9076

Valeri Tšernõšev, AB Elukindlustuse AS, Chairman of the Management 

Board, Tel  + 372 641 9076

 

 

Aleksandr Zaporozhtsev

ASA Kindlustus AS

Director of Financial Department

Tel. +372 24 25 298