CertAsig increases its underwriting capacity for 2016 with improved 2016 reinsurance treaties

Andrei Mirauta

Andrei Mirauta

andrei.mirauta@certasig.ro

– by Andrei Mirauta, Director of Reinsurance at CertAsig
andrei.mirauta@certasig.ro

In line with CertAsig’s strategy to pursue good quality Romanian and Bulgarian corporate, non-marine risks, management decided to increase underwriting capacity for engineering, commercial/industrialproperty and liability. These changes will enable even faster service to brokers and clients.

CertAsig underwrites most of its policies with a 100% shares but also offers co-insurance support on larger subscription placements. With the help of reinsurance brokers, who exuded confidence in what was widely considered a ‘very soft’ reinsurance market, CertAsig was able to continue its strong reinsurance relationships as it entered 2016 as follows:
• Commercial/Industrial Property & Engineering
o Capacity per risk increased from EUR 20,000,000 to EUR 25,000,000
o Capacity per event / catastrophe increased from EUR 20,000,000 to EUR 30,000,000
o Reinsurers: Hannover Re / Swiss Re / Polish Re / Kuwait Re / MAPFRE / VIG Re

• Liability
o Capacity per occurrence increased from EUR 5,000,000 to EUR 10,000,000
o Reinsurers: Partner Re / Hannover Re / Polish Re

“The aim of the increased capacity is to allow CertAsig to grow its portfolio in particular where we see high quality projects and risks which in the past we could not always consider. We also believe the larger treaties emphasise our commitment to the Romanian and Bulgarian markets which accounted for 70% of our total premiums in 2015. The Turkish marine and aviation markets make up the balance of 30% where we already have USD 15,000,000 of underwriting capacity per vessel/aircraft (hull and/or liability) and also for cargo.”

“Larger capacity also means a quicker response time to broker quote requests as we depend less on facultative reinsurance. As we learn every day, speed of response in our markets is often a key differentiator and almost as important as prompt payment of valid claims!”

Andrei Mirauta
Andrei Mirăuță
Director Reasigurare și
Director Adjunct Asigurări Maritime

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