CertAsig specializes in corporate insurance and operates in Romania, Bulgaria and Turkey.
In the first quarter of 2014, the insurance company underwrote premiums of EUR2.5 million.
The Romanian market generated over 60% of the company’s business in the first quarter, followed by Turkey with 35%, while business in Bulgaria is still incipient.
Around 60% of the company’s underwritten premiums were generated by guarantee, cargo and transit insurance, asset insurance and insurance for the engineering sector and general liability insurance.
“As the economy recovers, our results reflect growth in Romania, as well as in Turkey and Bulgaria. In the first quarter, we have insured several major construction and infrastructure projects, thermal power plant rehabilitation projects, solar and wind power parks,” company CEO James Grindley said in a press release.
The insurer paid damage claims of EUR1.4 million in the first quarter.
The insurer is owned by investment fund Royalton Capital Investors II, whose main investors are Alpha Associates, the European Bank for Reconstruction and Development, and the European Investment Fund.
In 2014, the insurer underwrote premiums of EUR13 million, 8% higher than in 2013.
CertAsig has a team of 70 employees and 90% of its sales are brokered.