New insurance company enters Romanian market

Watford Insurance Company Europe, which is part of international insurance group Watford Re, officially announced its entry on the Romanian market. Watford group, which is registered in Bermuda and controlled by American investors, had a capitalization of USD 1.2 billion at December 31, 2017. “We have decided to expand the activity of Watford Insurance to Romania following a careful assessment of the business environment and the regulatory and supervisory framework. Watford Insurance has been operating in the European union since 2015, mainly in Ireland and UK, and Romania is the first Central and Eastern European market where we will be active,” said Valandis Elpidorou, legal representative of Watford Insurance – Sucursala Bucuresti. The group has outsourced the administration of its local operations to local insurance services provider Intaro Insurance Services. The group will start by selling auto insurance products for both individuals and companies. At a later stage, the company plans to expand its local offer with other business lines, such as real estate insurance, accident and health insurance and others. editor@romania-insider.com