WATFORD Insurance has announced its intention to enter the Romanian insurance market

WATFORD Insurance today announced its intention to establish a branch to launch insurance operations in Romania, focusing mainly on the MTPL and ancillary insurance products sale, but other retail products such as residential property insurance may also be offered.

The establishment by WATFORD Insurance of a local branch in Romania is subject to the approval of regulatory authorities in Gibraltar and Romania. As a first step, WATFORD Insurance has applied for the Gibraltar Financial Services Commission's approval of the operation.

WATFORD Insurance, based in Gibraltar, has a rating of "A-" (excellent) awarded by A.M. BEST and operates in the European Union and the UK since 2015. WATFORD Insurance is a wholly owned subsidiary of WATFORD Re Ltd., a Bermuda-based reinsurer, with a capital of USD 1.2 billion (September 30, 2017).

WATFORD Insurance and its subsidiaries have a strategic asset management contract with the subsidiaries of ARCH Capital Group Ltd. (Arch). ARCH offers global insurance and reinsurance through its subsidiaries.

WATFORD Insurance will engage with INTARO Insurance Services S.A. to provide all management services for WATFORD Insurance's operations in Romania.

The decision to extend WATFORD Insurance's activity to the Romanian market was taken after a full evaluation of the Romanian motor insurance market regarding the business environment as well as the legal and regulatory framework of the market.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

ROMANIA: The insurance market increased by 4.5% in 2018

"In 2018, the Romanian insurance market improved its solvency indicators", Cristian ROSU, Vice-President Insurance and Reinsurance Sector, ASF - The Financial Supervision Authority declared on Tuesday, 21 March, commenting on the financial results reported on the Romanian market last year.

2019-03-21

Bogdan BICHINET to join GENERALI Romania as CFO

Bogdan BICHINET will join the management team of GENERALI Romania as Member of the Board and Chief Financial Officer - CFO starting March 1st, after this week the Board of the Romanian Financial Supervisory Authority (ASF) approved its appointment.

2019-02-28

FITCH Affirms EUROINS Romania at IFS 'BB-'; Outlook Stable

FITCH Ratings has affirmed EUROINS Romania Asigurare Reasigurare SA's (EUROINS Romania) Insurer Financial Strength (IFS) rating at 'BB-', and EUROHOLD Bulgaria AD's (EUROHOLD, the group's ultimate holding company) Long-Term Issuer Default Rating (IDR) at 'B'. The Outlooks are Stable.

2018-08-06

ON THE MOVE

Bulgaria: Boiko ATANASSOV appointed as FSC's head

The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.

21.03.2019

TOP EVENT

Climate and cyber: two Cs with catastrophic potential and the insurance business - under debate in Vienna, on April 9

10 years after its inception, the Romanian mandatory dwelling insurance system has progressed and PAID, the pool underwriting and managing the mandatory policies is a strong and financially sound institution. "We are currently managing a reinsurance program worth EUR 920 million, with a pool of excellent reinsurers, more than half of them rated AA+, while the company's solvency rate is of 220%," recently stated Nicoleta RADU, CEO, PAID.

21.03.2019

Conclusions: TBILISI - the first Georgian International Insurance Conference

The first Georgian International Insurance Conference took place on 14 March 2019. The event put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system was the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.

14.03.2019

See all