Банкеръ Weekly

Briefs

JUPITER INCREASES ITS CAPITAL

The increase of Jupiter's capital is to be considered a fact, announced Assia Aksentieva, Executive Director. The decision to increase the capital was adopted in August 1999, but it is only now that the funds have been effectively collected. The capital of the company is presently ammounting to BGL4.5MN but we'd like to increase it to BGL6MN, till the end of the year, added Assia Aksentieva. The complementary installments in the stock capital of Jupiter must correct the financial indexes in compliance with law provisions - its long term assets shall not exceed 50% of its capital. Company managers are discussing the option to apply before the Insurance Supervision Directorate of for obtaining reinsurance licence as well.
According to preliminary data the premium income of the company for 2000 slightly exceeds BGL8MLN. Another almost BGL2.5MLN of premiums have been written but they will effectively be paid to the company this year.
About 80% of the premium income of the company comes from car insurance. Jupiter managers are anyway considering shifting the target and developing other types of insurance services. They have duly submitted the necessary documents to change the terms of some of their insurance products. It will not take long before Jupiter offers for sale some of the professional types of insurance services - designed for notaries, doctors, construction workers, etc. The company will also offer a brand new service Assistance in Travel, this time including assistance and new emergency article. Apart from providing broader product range Jupiter management has also started developing its branch network. At the very end of 2000 the company opened its representative offices in Razgrad and Targovishte, intending to open at least five more representation offices by the end of this year. In Shoumen and Yambol have already been reached specific agreements.
Jupiter managers are targeting small customers, for whom actually all above representative offices have been intended. However, the attention has not been removed from the big corporate partners, among which could be listed Autotrade, Unitrade, Achilleas Shipping, SG EXPRESSBANK, Balkanstar, Overgas and Mobikom.

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