MIB, together with the Autonom Group

Millennium Insurance Broker (MIB), an insurance broker whose shares debuted on the Bucharest Stock Exchange, has set a goal for this year to climb from the 9th position to the Top 5 in the industry rankings, announced Ștefan Prigoreanu, the company's CEO and one of the shareholders. “For this year, we aim to develop MIB's corporate segment, expand internationally, where Autonom has already made strides, and develop a CRM system. We have other projects underway that we will announce at the appropriate time,” Prigoreanu said. By listing on the stock exchange, MIB becomes the second insurance broker to be listed on the local capital market, a move first announced by Profit.ro.

In the fall of 2022, in preparation for listing on the Aero market of the Bucharest Stock Exchange (BVB), the company issued and sold 347,587 ordinary shares to 42 investors (31 individuals and 11 legal entities), representing 20% of the total number of shares, with a nominal value of 0.28 RON per share and a trading value of 12 RON per share, the difference from the nominal value representing the issue premium. As a result of this operation, the brokerage company capitalized with a sum of 4,171,044 RON, which will be used for development. “The domestic insurance market is far from reaching its maximum development potential, requiring over 1,000% growth to meet the European average. We believe in the development of the insurance brokerage business as a suitable solution to optimally cover the protection needs of Romanians and Romanian companies. We know that a listed business, meeting the necessary legal and transparency requirements on one hand, and performance management and profitability on the other, constitutes the ideal framework to meet the expectations of clients, partners, and investors. We thank everyone who has shown confidence in MIB,” said Ștefan Prigoreanu, CEO of MIB.

The placement was completed ahead of schedule, with an oversubscription rate of 198.9%. The pre-listing capitalization of the company, given the full subscription of shares in the placement, is a minimum of 25,026,240 RON. The shares to be listed on the BVB will represent 20% of the broker's share capital, which holds the 9th position in the industry rankings, with a market share of 2.4%. The listing was first announced by Profit.ro in the summer of 2021 and reconfirmed in the spring of 2022. Millennium Insurance Broker (MIB), founded in 1997, is controlled by the Autonom group from Piatra-Neamț, which holds 28.048% of the shares.