The AITA Association will allocate 15 million lei for the capitalization of the insurance and reinsurance company Moldcargo.
The corresponding decision was made at an extraordinary meeting of Moldcargo shareholders. In particular, the shareholders decided to capitalize the Moldcargo insurance and reinsurance company by requesting and receiving a loan from the International Road Carriers Association (AITA), paying off accounts receivable and allocating up to 15 million lei for the financial recovery of the company. AITA Association is the majority shareholder of Moldcargo – it owns 64.2857% of the voting shares of the company. It is worth noting that in April 2022, the NCFM approved the Moldcargo financial recovery plan, which it must implement by the end of September. The plan includes a set of measures aimed at improving the financial position of the company and increasing its solvency. At the end of March 2022, the total assets of Moldcargo amounted to 176.1 million lei (of which net assets - 48.3 million lei), and 117.3 million lei were assets allowed to cover technical reserves and the minimum solvency margin. Accordingly, the deficit of the respective assets exceeded 22 million lei. The level of solvency of the company is the lowest in the insurance system and is 49.21% (for comparison, in January-March 2021 - 132%), and the liquidity ratio is 9.42% (5.69% in the same period last year). In the first quarter of 2022, the net profit of the company amounted to 0.7 million lei (against losses of the same amount at the end of March last year). The volume of collected premiums exceeded 38.7 million lei (+76.7% compared to the first quarter of 2021), and the amount of compensation paid out - 8.4 million lei (-11.6%). According to the results of March of this year, more than 1.1 million lei were allocated for reinsurance. The authorized capital of Moldcargo is 42 million lei. According to the company, the general annual meeting of Moldcargo shareholders is scheduled for August 18, at which the results of 2021 (the company’s report, the company’s financial report, the report of the Censorship Commission, the report on the activities of the company’s Council) are to be approved, to consider the issue of covering the company’s losses,to elect the members and the President of the Council of the Society and the Censorship Commission, the Chairman of the Audit Committee and the amount of their remuneration, as well as the company to exercise the audit in 2022 and the amount of payment for its services.// 27.06.2022 — InfoMarket
