The company underwrote premiums worth EUR2.6-2.7 million in the first nine months, across all its products.
In late January, Platinum announced the launch of contract bonds, which insure against the risk of failure to meet the obligations laid out in a contract with a third party. Through this policy, the insurer will compensate the beneficiary of a public procurement contract when the contractor fails to meet the contractual obligations, or does so late.
According to Platinum data, public procurement is responsible for 10% of Romania’s GDP. There are about 18,000 contracting authorities (beneficiaries) and over 35,000 economic agents that have bid on procurement contracts.
“In 2011, the total value of public purchases is estimated at EUR20 billion, made up as follows: purchases of goods and services – EUR7 billion, investment projects – EUR8 billion and orders from state companies – EUR5 billion,” says the company.
Platinum Asigurari has a share capital of 25.4 million lei (EUR5.83 million), controlled by Auto – Ekspert Limited Liability Company (Poland) – 75%, Constantin Toma – 24,999%, former chairman of insurance company Omniasig, and Camelia Toma – 0,001%. (EUR1=RON4.354)