The Romanian insurance community has named GE Frankona Re as its "Reinsurer of the Year 2001."
The award recognizes the outstanding contribution to the development of Romania's insurance market during a particular year.
Criteria for achieving this award are strong market presence, customer-focused solutions for an emerging market, and size in terms of premium income in Romania.
Romania's insurers said the company's standing was also supported by holding instructional seminars locally in Romania, and at their head office in Munich, as well as providing assistance in risk management and claims settlement.
GE Frankona Re, the European operation of GE Employers Reinsurance Corporation (ERC), a GE company, entered the Romanian market in 1996. Since then, it has written $9.5m (£6.6m) in premiums.
Several reinsurers operate in the Romanian market, including Swiss Re, General Cologne Re and Munich Re.
