Банкеръ Weekly

Briefs

ARMEETZ REACHED A SERIOUS GROWTH OF ITS OPERATION

The recent soldier in the insurance sector keeps growing each year. Armeetz managers reported more than 24% growth of the company's activities at the first meeting of the regional representatives, which took place last week. The income formed by insurance premiums last year amounted to BGL6.29MN, while in 1999 it was BGL3.24MN, said the Bulgarian army's insurance company representatives. Owners are set on keeping this upward trend this year as well, reaching a premium income of at least BGL7.67MN. During the last two years the company was ranking 9-10 in terms of market share, but the management would like to increase the company's presence at the market.
At the end of 2000 Armeetz opened two new representative offices, thus increasing the total number of its subsidiaries in the country to 54. The company employes 180 permanent officers and about 800 active agents, but during campaigns the number of insurance intermidiaries grows up to 2000 people.
The biggest share in Armeetz's portfolio belongs to the high risk car insurances, but this is valid for most Bulgarian insurance companies. In February the company will launch the new Auto-Casco insurance, with fully updated terms and conditions. This will allow us to offer maximum guarantee of our customer's security, and on the other side to protect our shareholders interests, said to the Banker weekly Nikolay Sotirov, Executive Director of Armeetz.

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