Банкеръ Weekly

Briefs

ENERGY TARGETS REINSURANCE

The insurance company Energy will apply for a licence for reinsurance activities in 2003, its Executive Director Emil Gavrilov announced. A decision for that was the made an the acompany's general meeting on March 20, 2003.The insurer's profit for 2002 totalled BGN10,400,000. A little more than BGN8MN of it will be distributed as dividend to the shareholders (the major sharholders are Allianz Bulgaria Holding and the National Electricity Company,a s well as Maritsa Iztok Mines and Bobov Dol Mines). The balance will be kept as undistributed profit. Together with it Energy's reserve funds will reach some BGN35MN, which in the words of Mr. gavrilov makes a good basis for reinsurance activities. These are in fact the motives for Energy to undertake other companies' risks as well (which is the essence of reinsurance).The energy insurer plans to maintain or even improve its present position among the general insurance companies. According to preliminary results for 2002, gathered by the Agency of Bulgarian Insureres, Energy rates sixth with a market share of about 6% and gross premium proceeds of BGN24,246,000. This is one position up from 2001 when the company ranked seventh with proceeds of BGN18,111,000 and a market share of 4.63 per cent. The most lucrative insurances for 2002 were Industrial Fire and insurnace of of motor vehicles - Casco and Civil Liability.The insurance company Energy is ready to launch new products on teh market - insurances against break-down of machines, stoppage of production, and compensation of losses, caused by that. Mr. Gavrilov specified that a licence for such activities will be demanded when the company ahs applications from clients. Amendments to the company's statutes and to the Board of Directors were approved at the general meeting.

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