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Romania's CertAsig will sell corporate insurance in Bulgaria

Publish date 26 September 2013
Romania's CertAsig will sell corporate insurance in Bulgaria image

Romanian insurer CertAsig has opened its first office in Bulgaria.

The company specializes in offering insurance products to corporate clients, mainly in partnership with local insurance brokers from the markets in which it is present. Its focus is on products aimed at covering specific risks in sectors such as transport, construction, services, information technology and others.

The main shareholder in the company established in 2003 is the Royalton Capital Investors II Fund, which acquired 95% of the capital in 2007. Limited liability partners in the fund are Alpha Associates, the European Bank for Reconstruction and Development and the European Investment Fund.

Specialized products

On the Bulgarian market CertAsig will sell insurance of commercial property, engineering and construction projects, various responsibilities and guarantees. The product portfolio also includes policies offering coverage of specific risks in the services and information technology sectors.

A significant part of the company's revenues are from the sale of policies aimed at customers in the transport sector - insurance of vessels, protection and compensation, cargo and aviation insurance. "Approximately 40% of CertAsig's insurance is from marine insurance, mostly from Turkey and the Black Sea region," the company said.

Turkey is also the first country in the region in which the Romanian insurer is expanding. The company's office in Istanbul was opened in 2012, but sales in the Turkish market already account for 40% of its portfolio. The remaining 60% are realized from the markets in Romania and Bulgaria. CertAsig actually started operating in Bulgaria in April 2013. Since then, the company has insured events such as the opening of the business center at Sofia Airport, the Spirit of Burgas festival and others.

The total realized by the insurer premium income for 2012 from the markets in Romania and Turkey amounted to EUR 9.9 million. This represents an increase of 44% compared to a year earlier, according to the company.

Market potential

"The growth of the Bulgarian insurance market is generally smooth, but is dominated mainly by the coverage of claims in car insurance," said CertAsig. According to them, this creates good opportunities for offering specialized insurance products. "Having an office here in Sofia, run by an experienced insurance professional, will undoubtedly strengthen the company's profile," said James Grindley, CEO and president of the Romanian company's board. "This is a very exciting new project and we are confident of its success," he added.