ROMANIA: Watford Insurance, officially the newest player in local insurance market
WATFORD Insurance is a wholly owned subsidiary of WATFORD Re Ltd., a global reinsurance and insurance company. WATFORD Group had a capitalization of USD 1.2 billion as of December 31, 2017. WATFORD Group's underwriting subsidiaries, including WATFORD Insurance, have earned an "A-" (Excellent) financial strength rating from AM Best and an "A" financial strength rating from Kroll Bond Rating Agency.
"We decided to expand WATFORD Insurance operations to Romania following an in-depth assessment of the business environment and the regulatory framework and supervision. WATFORD Insurance has been operating in the European Union market since 2015, mainly in Ireland and UK, and Romania is the first CEE Country into which we are venturing. We plan to generate organic growth of the business and diversification of the portfolio, through products tailored to the needs of the market and the Romanian consumer," stated Valandis ELPIDOROU, the legal representative of WATFORD Insurance's Bucharest Branch.
WATFORD Insurance has externalized the administration of the Romanian operation to the local insurance service provider INTARO Insurance Services SA.
At the beginning, WATFORD Insurance will offer motor insurance and ancillary products for both retail and commercial. The company's products are distributed through a network of local insurance brokers, who currently intermediate more than 60% of the Romanian insurance premium production. In the short to medium term, the company aims to expand its product offering in other lines of business, such as property, liability, accident, health, marine, and aviation.