RECREX further expands its European footprint and prepares for IPO

9 June 2021 — Daniela GHETU
RECREX, an Insurance Services Company with a strong focus on TPA servicers, has announced it is moving its headquarters in Spain and, after successfully entering this year Turkey and Croatia, further expands by entering new markets and preparing its listing on the stock exchange.

"RECREX is constantly growing and developing. This year, in addition to Spain, Romania and Bulgaria, we managed to be present in Turkey and Croatia. In the coming months we will be present in other countries, in five European countries, and in a maximum of two years we will have to be present throughout Europe with our products, according to the objective assumed by the team," Daniela BADALUTA, President and Founder, told XPRIMM. "The penetration of global markets is key to stimulating growth for Recrex as a Third Party Administrator (TPA). The concept of Third Party Claims Administration is the customary approach to claims management in the United States and is expanding significantly in other markets around the world. The Recrex global expansion is being developed to increase the reach of Recrex's TPA risk management services. Our overall goal is to take our successful claims management programs into additional markets on a truly global basis," Steve LULEWICZ, Senior Vice President Business development of RECREX, added.

Initially established in Spain, RECREX has moved its development hub in Romania for a few years, capitalizing on the rich reserve of talents in the local market. "Fortunately in Romania we are in an emerging market, which is a great opportunity for all companies in Romania, not just for RECREX," she added, explaining that the company is focused on digital, innovation and revolutionizing many insurance products and how claims are handled. LULEWICZ has further explained: "Recrex designs and delivers fully customized programs and a superior servicing platform. With clear vision and purpose, we have assembled the resources needed to provide extensive coverage, a best-in-class claims servicing platform and significantly advanced technologies via our parametric partners providing IASS (Insurance-As-A-Service) related to claims programs. Together, these elements ensure seamless, centralized management and operational efficiencies highly valued by global companies."

As for the future plans of the company, it seems the planned listing on the stock exchange is already raising the interest of the potential investors. "We plan to list on the AeRO Market of the Bucharest Stock Exchange (BVB), where the conditions are a little softer, lighter. The company will become a joint stock company, so we will publicly sell 20% of the company and the steps are not very many, but we also need consultants on the capital market. We are already in talks with a Romanian company that also benefits from an extended international experience", Daniela BADALUTA added.

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