October 17 (SeeNews) - Watford Insurance Company Europe said on Wednesday it has launched operations in Romania.
"Watford Insurance has externalized the administration of the Romanian operations to the local insurance services provider Intaro Insurance Services SA," it said in a press release.
At the beginning, the company will offer motor insurance and ancillary products to both retail and commercial customers.
In the short to medium term, the company aims to expand its products offering in other lines of business such as property, liability, accident and health, marine and aviation.
"We decided to expand Watford Insurance operation in Romania following an in-depth assessment of the business environment and the regulatory framework and supervision. Watford Insurance has been operating in the European Union market since 2015, mainly in Ireland and UK, and Romania is the first CEE country we venture," Valandis Elpidorou, the legal representative of Watford Insurance - Bucharest Branch, said in the press release.
"We plan to generate organic growth of the business and diversification of the portfolio, through products tailored to the needs of the market and the Romanian consumer," Elpidorou added.
The company’s products are distributed through a network of local insurance brokers, who currently intermediate more than 60% of the Romanian insurance premium production.
Watford Insurance is a 100%-owned subsidiary of Watford Re Ltd, a global specialty insurer and reinsurer, with global market presence since 2014 in the US, Europe and Asia.
($= 0.8643 euro)