Банкеръ Weekly



The managers of Chimimport are interviewing four candidates to head the Armeets insurance company, the BANKER weekly learned.There will be also a change in the company's management system, to be chosen by its new owners. It may be one-tier or two-tier or there may be a Supervisory Board, pundits commented. Armeets is presently managed by a Board of Directors, which is still chaired by Nikolai Sotirov.Roumen Georgiev is for the time being the only name of a candidate, which has become known. Mr. Georgiev is an expert in the financial house Logos, who has a higher degree in economics. It is still too early to make any statements whatsoever, Mr. Georgiev said in front of the BANKER weekly.Technicalities regarding the deal between the Privatisation Agency and Chimimport should be finally specified withing the next weeks. Afterwards a representative of the buyer should officially assume duties as director of Armeets.In the beginning of May Chimimport won the bidding for 91.1% of the company's capital, owned by the State Insurance Institute (DZI), paying BGN4.3MN. The money from the sale of Armeets will be deposited in a special account in the Privatisation Agency and will remain there until the offers of DZI are chosen. Afterwards the money will go to the company's budget. This will probably happen by end-August.Armeets will be striving for annual premium proceeds of BGN15-17MN under the management of its new owners, people acquanuted with their buisness plans say. The company's target is to gain a 4.5% market share. In the last quarter of the year the company realized grossed premium proceeds of BGN1.9MN, ensuring it a 1.6% market share.The Green Card insurance is among the main trumps, on which the Armeets will rely for increasing its proceeds. Initially, it was planned to be on behalf of DZI as Armeets was a part of the insurance group. Then the motive was that as a part of the DZI group Armeets needn't deposit the EUR600,000 guarantee, required from the members of the organisation. But now when the company ahs a new owner and DZI's privatisation should be finalized by the end of the summer, Armeets will probably take steps for selling the Green Card insurance by itself.Another source of incomes for Armeets could be the so-called bank insurances, experts from the company commented. Central Cooperative Bank will be most probably the company's partner in these activities. Armeets could rely on bigger clients as well, which are in business relations with Chimimport the varna strong-arm group TIM. Export insurance and reinsurance are among the services, to be offered by Armeets.No one of the small shareholders has expressed willingness to leave the company after the change of its ownership. 91.1% of Armeets' capital was held by DZI, 5% - by the Ministry of Defence, and a little over 3% - by structures of that ministry.

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