Insurance company Grawe Romania announced the volume of gross premiums underwritten last year amounted to 11.5m euros and that net profit exceeded 1.1 million euros.
The profit is partly due to the relatively small claims settled by the company in 2005, nearly 544,000 euros. The growth of over 130% in underwriting (calculated in euros) is double the average growth of the life insurance market. The growth includes the business of Sara Merkur, from the second half of 2005. Grawe took over Sara Merkur not long ago. Grawe''s profit in 2004 stood at merely 700,000 euros.
The company has now achieved a 3.9% market share on the life insurance sector, which allows it to retain its ninth position in the insurers'' ranking, on a market estimated at approximately 300 million euros in 2005. Life insurance contracts account for more than 97% of the insurer''s portfolio.
"It was a very good year for us, a year full of events," stated Peter Kasyk, general manager of Grawe Romania. The merger by absorption with Sara Merkur has just been endorsed by the Insurance Supervision Commission and the company is getting ready to move to new offices, a 11-storey building close to Piata Unirii recently acquired for 8 million euros. "We hope to move to the new building in July at the latest," Kasyk says. All in all, Grawe Romania''s top man reckons the company''s real estate investments are worth approximately 10 million euros. Peter Kasyk announced Grawe intended to make a strong move on the general insurance market, buying a specialised company to secure its entrance in the following months.
"We want to have a future on the non-life segment, as well. We are keeping an eye on the market and we will most likely go for another takeover of similar size, which is a company with a 3 to 4% market share," Grawe Romania''s general manager said.
According to Kasyk, Grawe is currently not in advanced talks for a takeover with any company. The target area comprises BT Asigurari (2.8% market share), Generali (3.1%) and Astra (5.3%).
Grawe
* 11.5 million-euro gross underwritten premiums last year
* Claims settled in 2005: 544,000 euros
* Growth in underwritten premiums: 130%, double the average life insurance market growth
* Market share: 3.9%
* Looking for takeover target on general insurance market
* Set to move to new offices in July at the latest
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