WATFORD Insurance has announced its intention to enter the Romanian insurance market
WATFORD Insurance today announced its intention to establish a branch to launch insurance operations in Romania, focusing mainly on the MTPL and ancillary insurance products sale, but other retail products such as residential property insurance may also be offered.
The establishment by WATFORD Insurance of a local branch in Romania is subject to the approval of regulatory authorities in Gibraltar and Romania. As a first step, WATFORD Insurance has applied for the Gibraltar Financial Services Commission's approval of the operation.
WATFORD Insurance, based in Gibraltar, has a rating of "A-" (excellent) awarded by A.M. BEST and operates in the European Union and the UK since 2015. WATFORD Insurance is a wholly owned subsidiary of WATFORD Re Ltd., a Bermuda-based reinsurer, with a capital of USD 1.2 billion (September 30, 2017).
WATFORD Insurance and its subsidiaries have a strategic asset management contract with the subsidiaries of ARCH Capital Group Ltd. (Arch). ARCH offers global insurance and reinsurance through its subsidiaries.
WATFORD Insurance will engage with INTARO Insurance Services S.A. to provide all management services for WATFORD Insurance's operations in Romania.
The decision to extend WATFORD Insurance's activity to the Romanian market was taken after a full evaluation of the Romanian motor insurance market regarding the business environment as well as the legal and regulatory framework of the market.
Author: Daniela GHETU
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