In 2013, the insurer underwrote premiums of EUR12 million.
“Although the Romanian insurance industry continued to decline, Certasig registered growth for the fifth year in a row. In 2014 the insurer focused on balancing its portfolio and guarantee, civil liability, asset and insurance for the engineering sector have overtaken the maritime insurance sector, which dominated the company’s portfolio in previous years,” the company, held by investment fund Royalton Capital Investors II, said in a press release Tuesday.
The guarantee insurance segment generated premiums of EUR4 million, up 3% on the year, and accounted for 31% of Certasig’s portfolio in 2014.
Assets insurance and insurance for the engineering sector rose 60% last year, to EUR2.5 million. General liability insurance rose 76%, to EUR1.5 million, the company said.
Maritime insurance in Turkey and the Black Sea area stood at EUR4.5 million and accounted for 35% of the company’s portfolio.
Geographically, Romania is Certasig’s main market, covering more than 60% of its business, while Turkey generated 35% of underwritten premiums. The company started operating in Bulgaria in 2013 and opened a local branch in 2014.
Certasig paid damage claims of EUR4.3 million last year, from EUR4 million in 2013.
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.