Re-assurance company PTR looks East

The only Polish re-assurance company, Polskie Towarzystwo Reasekuracyjne (PTR), is holding talks on further investments on eastern markets, including Moldova. The company is also applying for an international re-assurance rating. "We are interested in this market. Preliminary talks have been conducted by PTR president Krzysztof Jarmuszczak, but no decisions are to be made until the third or fourth quarter of 2003," said PTR's deputy president Roman Fulneczek, adding that the company is also considering investments in Russia and Belarus. PTR already has experience in investing on eastern markets, as it was the majority shareholder in Lithuanian company Preventa, sold to Germany's Ergo in 2001, from which the company earned zl. 6 million, and last year took over a 25% stake plus one share in Ukrainian asset insurer Skajd West, for between $1 million and $2 million. (Puls Biznesu, pp. 1, 9) M.M.