GARANTA SA OF ROMANIA BOOSTS PREMIUM INCOME BY 60% IN 2000

Romanian insurer Garanta SA has announced a preliminary 60% rise in premium income to 49.5bn lei for 2000. Motor policies accounted for 50.5% of the insurer’s portfolio and life products for 7%. Garanta SA said that it planned to expand its network across Romania, focus more on goods, transport and health policies and offer new, customised products and services. The company raised its share capital by $1m to $3m earlier this year and Greek insurer Ethniki now holds a majority stake in the firm. Other stakeholders include Romanian commercial bank Banc Post, the World Bank’s International Finance Corp, Romanian telephone operator Romtelecom, postal authority Posta Romana and the national radiocommunications company.