Platinum Insurance guarantee written premiums total EUR 1.2 mln on Q3

Newsroom 09/11/2011 | 11:32

In the first three quarters of 2011, Platinum Insurance has reported a volume of guarantee written premiums totaling approximately EUR 1.2 million.

In the first semester of 2011, the guarantee insurance market registered a volume of gross written premiums of EUR 9.8 million, according to Insurance Profile, which is a 60 percent increase compared to the similar period of 2010.

“The segments that have registered growth or maintained the turnover are attached to public acquisitions contracts, especially infrastructure projects that are financed both from the state budget and EU funds. In the context of low access to liquidities for companies, the blocking of sums and assets in Bank Guarantee Letters can further put pressure on companies. The alternative is represented by settling with a guarantee insurance premium instead of bank guarantee letters”, explained Anca Babaneata, CEO Platinum Insurance.

The main guarantee types (bonds) written by Platinum Insurance-Reassurance are Bid Bond, Advance Payment Bond, performance Bond and Maintenance Bond.

In 2011, the value of public acquisitions is estimated to reach EUR 20 billion. Around EUR 7 billion will be used for the acquisition of goods and services, EUR 8 billion with be put in investment works, while EUR 5 billion are allocated for orders from state-owned companies.

Platinum is one of the main founders of PAID, the Insurance Pool against natural disasters, holding a 15 percent stake in the PAID capital. The company is also a leading player in the guarantee insurance market.

Ovidiu Posirca

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