Reg. No. 85/08.02.2021
TO:
BUCHAREST STOCK EXCHANGE S.A.
The FINANCIAL SUPERVISORY AUTHORITY
CURRENT REPORT
According to Annex 12 of ASF Regulation No. 5/2018
on Issuers of Financial Instruments and Market Operations
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Report date
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February 8th, 2021
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Issuer’s name
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TRANSILVANIA BROKER DE ASIGURARE S.A.
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Social headquarters
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Bistrita, 13 Calea Moldovei street, Bistrita-Nasaud county
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Phone/Fax Number
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0263-235900/ 0263-235910
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Unique registration code at the trade registry office
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19044296
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The serial number in the trade register
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J 06/674/2006
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Signed and paid in capital
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500,000 lei
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Regulated market
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Spot Regulated Market, Main Segment, Standard Category
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Important event to be reported: briefing the investors and interested parties on the actual circumstances that have recently been misrepresented in some press articles
The management team of Transilvania Broker de Asigurare S.A. (Transilvania Broker, Company, Issuer), a key player on the insurance brokerage market which is undergoing sustained accelerated growth, aims, above all, to reassure investors, regulatory institutions, partners and all interested parties, of the company’s past, present and future commitment to full compliance with the requirements of its professional ethics, its partnerships and its role as co-developper of the Romanian insurance market, as a `just`, competitive and efficient market.
In order to fuel up the multi-directional development strategy of the Issuer, which involves, among others, the digitisation of the policy issuance process, the optimization of the relationship with the brokerage assistants, approaching the specific market of Hungarian speakers and other new and novative initiatives on the insurance brokers market, Transilvania Broker has launched a wide and encompassing information and promotion campaign, meant to prepare the insurance intermediation market for its coming strategic stages and instruments.
Beside the already active communication channels, such as the Company’s website and the widely disseminated flyers / promotion materials, general formal letters have also been sent to the legal entities registered as being authorised to undertake intermediation activities on the insurance market. These entities were identified by the NACE code, while their and their representatives’ contact data, publicly available, were legally obtained through data provider www.listafirme.ro services. None of the 1,159 letters contained financial offers, but exclusively real and publicly available information on our website regarding the benefits that have already been granted, for several years, to our full network of more than 1,500 Transilvania Broker assitants, as follows:
https://www.transilvaniabroker.ro/colaboratori#avantaje-si-beneficii
It is also to be noted that, given limited available information and the common NACE code, we were not able to eliminate, from the list of recipients, the entities activating as insurance agencies on behalf of Transilvania Broker’s partners, insurance companies. As we have already directly communicated to our partners, we will continue to make every effort to fully respect our partnership assumed obligations, in our promotion campaigns as well.
Therefore, as we ourselves specifically intended, our recent enterprises would increase effectiveness and efficiency on the Romanian insurance market, being in direct support of the brokerage assistants that would thus have access to a digital infrastructure not available to everyone as yet, and significantly raising the quality of the relationship and interraction between the assistant and the end beneficiary of insurance products.
In the light of the above, we firmly state that no action related to our recent campaign could be deemed as part of a „concerted action at the level of the entire insurance intermediation market by sending letters to all brokerage assistants of all other main intermediaries and all insurance agencies of the insurance companies”. Moreover, given the relatively low number of recipients (1,159 actual letters, instead of the numbers that circulated in the media of 20,000 and even 30,000), it is not even possible for the supposition that „there were created the premises for an imbalanced insurance intermediation market” to be seriously taken into consideration.
On the contrary, we believe that this initiative, which is legal, honest, and of loyal competition, which supports the strategy for correct but accelerated growth of Transilvania Broker, has been conducted to the direct benefit of the Company’s shareholders, of Transilvania Broker’s partners - insurance companies, and of the Romanian insurance intermediation market itself.
TRANSILVANIA BROKER DE ASIGURARE S.A.
Niculae Dan
Chairman of the Board of Directors