Changes in the management of CERTASIG
Radu FRINCU resigned from the position of General Manager of CERTASIG, a position which he held since 2006. The function will be taken over by James GRINDLEY, currently Deputy General Manager of the company. Radu FRINCU already announced that he would continue his activity on the Romanian insurance market, following that further clarifications in this regard be made in due time.
"In the last 4 years, CERTASIG had an upward evolution, registering an increase in the volume of gross written premiums of approximately EUR 400 thousand, in 2006, to over EUR 9 million, at the end of 2009. Thus, there has been layed the foundation for a solid company, with well-defined objectives, whose range of products has diversified along with the increasing of the portfolio of clients. I thank my team and all collaborators for the effort, diligence and dedication with which they chose to participate, all that time, in building a company oriented towards performance", said, exclusively for XPRIMM Publications, Radu FRINCU.
Regarding the future development of the company, during the next week, the majority shareholder of CERTASIG, ROYALTON Capital Investors, will operate a capital increase worth RON 10.3 million. The share capital of the company will thus reach more than RON 83.2 million.
"The new capital increase will support the continuing of the business growth of the company, contributing to the development of its main lines of business: marine insurance, civil liability insurance, property insurance and Motor Hull", said Nigel WILLIAMS, President of the Administration Board of CERTASIG.
The insurer underwrote, in the first three quarters of 2009, gross premiums totaling EUR 6.28 million, which represents an increase in absolute value of EUR 4.25 million, compared to Q3/2008, when underwritings had rised to EUR 2.03 million. This result led to the CERTASIG entry in the top 20 insurance companies on the general insurance segment (17th position), after, at the end of 2008, the company had been placed on the 23rd position in the same hierarchy, according to the Specialty Review INSURANCE Profile.
CERTASIG was born in 2003, following the merger of the former company FORTUNA S.A. Baia Mare and the former Asigurarea Romano-Canadiana AROCA S.A. Bucuresti. In early 2008, the ROYALTON Capital investment fund announced the acquisition of a 95% share of CERTASIG, committing to support the company in its development in Central and Eastern Europe.
Author: Andreea IONETE
on 28.01.2010
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