In 2014, the insurer posted RON84 million underwritings, up 26% from a year before, with agricultural policies accounting for three quarters or RON63 million of total underwritten premiums.
“We still have steps to take in our development plans, we haven’t yet reached the maturity we expect from our underwritten portfolios, which should be good enough to keep a positive net result,“ according to Anca Babaneata, CEO with Gothaer Asigurari Reasigurari.
In July, Gothaer increased its share capital by RON17.4 million (nearly EUR4 million). The share capital inflow was most probably brought to cover losses. In 2014, the company widened its loss in Romania by 37%, to RON46.5 million from RON33.9 million in 2013, being the third largest loss on the market.
A higher number of insurers are expected to increase their capital over the next period, on coming into force tougher solvency and capital standards Solvency II.
Gothaer group entered the Romanian market in October 2012, when it bought 67% of the capital of Platinum Asigurari, later reaching 100%.
(English version by Manuela Panescu)