Press Release – Monday, 2nd April 2018 @ 14:00
The majority shareholder of CertAsig, Royalton Capital Investors II, a private equity investment fund based in Guernsey, is pleased to announce the promotions of James Grindley to the role of Group CEO of CertAsig and Maria Rangelova to CEO of CertAsig S.A. (Romania). Maria Rangelova’s new position is subject to ASF approval and she will continue to report directly to James Grindley.
Ivan Vohlmuth, Chairman of CertAsig S.A. and Founding Partner of Royalton Partners said:
“James Grindley has proficiently led the company as CEO since 2010 growing total gross written premiums from approximately RON 23 million (approximately EUR 5 million) in 2010 to RON 65 million (approximately EUR 14 million) in 2017.
During this period James has achieved significant goals including the building of a first class team of highly dedicated insurance professionals around him, diversifying the underwriting portfolio from a predominantly motor CASCO book in 2010 to a well balanced, non-motor portfolio focusing on liability, contractual bonds, engineering, cargo and marine hull in 2018. Further, James oversaw the opening international offices in Istanbul, Sofia and Prague. James will now focus more on the growth of international business and further building broker relations which remain an integral part of CertAsig’s business model.”
Ivan Vohlmuth went on to say:
“Maria Rangelova joined CertAsig in 2014 as Branch Manager of CertAsig’s office in Sofia from QBE Europe where she was Property & Engineering Portfolio Manager for Central and Eastern Europe. She has grown the Bulgarian business at CertAsig to more than RON 9.8 million (approximately EUR 2.1 million) accounting for 15% of total group premiums. Maria currently holds the position of Deputy CEO. She will divide her time between Bucharest and Sofia with a particular goal to strengthen the underwriting sales of the company.”
CertAsig shareholders have recently injected an additional RON 14 million into the company to further strengthen the Solvency 2 balance sheet. The strategy of the company continues to be a leading specialist insurance company operating in Central and Eastern Europe distributing its products through brokers. In the Romanian insurance market, CertAsig prides itself on innovative underwriting, paying some of the largest individual claims and having one of the lowest number of customer complaints.
CertAsig is a Romanian non-life insurance company, whose majority shareholder is Royalton Capital Investors II, a private equity investment fund based in Guernsey active in Romania, Poland, the Czech Republic, Slovakia, Turkey, Slovenia, Croatia and Lithuania. The main investors of Royalton Capital Investors II include Alpha Associates, the European Bank for Reconstruction and Development (EBRD) and the European Investment Fund (EIF). The fund is managed by Royalton Partners a Luxembourg based Alternative Investment Fund Manager with over Euro 1 billion under management. Ivan Vohlmuth who is the Chairman of CertAsig’s board is one of the three founding partners.
Contacts for press:
|Nigel Williams, Chairman
3, Avenue Monterey
Phone: +352 26 470 324
|James Grindley, Group CEO
CertAsig Insurance & Reinsurance
61B Nicolae Caramfil Str, 1st District
Bucharest, Romania 014142
Phone: +40 21 311 9104