PTU to meet insurance reserves and possibly enter WSE in 2005

Insurance company, Polskie Towarzystwo Ubezpieczeniowe (PTU), created on the basis of former Daewoo TU insurer, expects a further capital injection of zł. 22 million this fall. This is a necessary step in order to fulfill the requirement of covering the technical and insurance reserves by assets. "PTR will pay zł. 10 million, and in case of the remaining zł. 12 million, we are considering inviting other investors to join us," said PTU president, Grażyna Brocka. The new shareholders of the insurer, who treat their engagement in PTU as an investment of three to five years, have stated in the agreement their hope to publicly offer the company's shares on the Warsaw Stock Exchange. "This will ensure clarity of the company, and will allow easier collection of capital," said Brocka, adding that a rational date for the public offer is 2005. Currently the management of PTU is working on a new long-term strategy which will be revealed in September. (Puls Biznesu, p. 3) A.K.