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Insurances in Armeec

Armeec

Market share: 11.3% in 2010
Revenue: 152 million in 2010
Year of founding: 1996
Number of offices: Consists of 52 agencies and 68 representative offices
Products: 67

Armeec Jsc insurance company was established on April 9th 1996.

With License № 7 / June 15th 1998 issued by the National Insurance Council Armeec Jsc insurance company received the right to perform insurance activities in the field of general insurance.

In April 2008 the company received license from the Financial Supervision Commission to perform activities on the territory of the European Union.

In July 2002 Armeec Jsc insurance company became part of Chimimport AD which acquired 91.92% of the company’s capital.

As of December 31st 2010 the he paid-up capital of Armeec Jsc was BGN 15,019,000. The share capital is distributed as follows:

  • CCB Group EAD - 83.60%
  • Niko Commerce - 4.76%
  • Chimimport Invest AD - 4.61%
  • Chimimport AD - 4.30%
  • other minority shareholders

Armeec Jsc has a two-tier management system consisting of Supervisory Board and Management Board:

Supervisory Board

  • Nikola Mishev
  • Prof. Nansen Behar
  • Georgi Konstantinov
  • Ivaylo Donchev
  • Sava Stoymov
  • Tihomir Atanassov

Management Board

  • Rumen Georgiev
  • Valentin Dimov
  • Alexander Kerezov
  • Tsvetanka Krumova

Armeec Jsc offers all types of insurance products and services in the field of general insurance:

  • Accident
  • Road vehicles, excluding rail vehicles
  • Marine insurance
  • Goods in transit
  • Fire and natural calamities
  • Property damages
  • Third party liability related to owning and using a motor vehicle
  • General third party liability
  • Travel assistance
  • Aircraft
  • Third party liability related to owning and flying aircraft
  • Loans

In 2005 Armeec Jsc also received a reinsurance license.
The reinsurance companies with which Armeec Jsc works are very reputable: Mitsui Sumitomo Reinsurance Ltd, Japan; Hannover Re, Germany; Munich Re, Germany, etc.

Armeec Jsc insurance company is a member of Bulgarian and international professional and commercial organizations – the Association of Bulgarian Insurers, the National Bureau of Bulgarian Motor Insurers, the Bulgarian Chamber of Commerce and Industry, the Sofia Chamber of Commerce and Industry, the Bulgarian-Russian Chamber of Commerce and Industry, the Bulgarian National Insurance Nuclear Pool.

The company has a network of 52 agencies and 68 representative offices and remote workplaces around the country. The insurance products are also distributed by over 300 brokers and about 1,500 insurance agents.

As of December 31st 2010, with a market share of 11.29% compared to 10.18% at the end of 2009 Armeec Jsc ranks third among the general insurance companies in Bulgaria. During the year the company has constant good results in most business activities but mainly in the field of motor insurance, accident insurance, financial risks and liabilities.

In 2010 the most significant for the company’s portfolio was the Motor Insurance product – at the end of the year Motor Vehicle Casco Insurance had a relative share of 51% and Third Party Liability Insurance - over 26%, followed by Property Insurance – 7.6% and Aircraft Insurance - 6.6% and Accident Insurance and Travel Assistance with a total of 3.4 % share.

 

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