CertAsig sees growth of insurance underwriting in constructions, transportation

Romanian insurer CertAsig has reported a 45 percent growth in underwritten insurance premiums in the construction sector, and 78 percent gain in the transportation and logistics sector in the first six months against the same period of last year.

In the construction industry CertAsig has registered EUR 734,109 in insurance premiums. The most used products are the contractors all risk (CAR ), which covers physical damages, third party liability and potential loss of profit and contractual bonds (bid bonds, performance and maintenance bonds).

“This year, green energy was a very important area of growth for us, since we are ahead of the game with our solutions for insurance coverage for construction of wind farms and photovoltaic parks”, said James Grindley, the insurer’s CEO.

CertaAsig has reached EUR 414,004 in gross written premium in the constructions and transportation sectors. The company is focusing on high value transits.

“This year, we insured cargos with insured values of up to USD 25 million, typically departing or arriving in ports of Romania, Bulgaria or Turkey,” said the CEO.

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The insurer is generating 95 percent of its gross written premiums through brokers.

CertAsig’s main shareholder is Royalton Capital Investors II, a private equity fund focusing on the CEE. The fund’s main shareholders are Alpha Associates, the European Bank for Reconstruction and Development (EBRD) and the European Investment Fund (EIB).

The company has 50 staff and offices across Romania. It also operates through a liaison office in Turkey and a dedicated contact in Bulgaria.

CertAsig has registered a 21 percent increase of gross written premiums to EUR 12 million in 2013.

Ovidiu Posirca