Heros and Compensa to fully merge after capital injection

Insurer company Heros received from its shareholder Austrian group Wiener Staedtische a zl. 30 million loan and zl. 10 million worth of property rights. Thanks to this capital injection the company will meet the requirement of covering its technical insurance reserves with assets. In mid December 2002, another insurer, Compensa also received a cash injection (zl. 60 million) from its shareholders Wiener Staedtische and HUK Coburg. These capital inflows will allow Heros and Compensa to merge. The deputy president of both companies Ireneusz Arczewski, claims that they are already merged on the operational level. He added that they have placed motions with court and the Ministry of Finance to allow the full merger to create one company under the Compensa name. "It is hard to estimate when we shall record a return on our invested capital as it is influenced by external conditions," said Arczewski. (Puls Biznesu, p. 3) M.M.