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Armeec JSC under New Management

background

Dear Colleagues, Partners, and Customers,

On behalf of the Board of Directors of Armeec Joint Stock Insurance Company we would like to inform you that Mr. Mirolyub Ivanov, Mr. Konstantin Velev, Ms. Diana Maneva and Ms. Vasya Kokinova will be heading our company as Executive Officers and Members of the Board of Directors. Pursuant to the requirements of the new Insurance Code, our Executive Directors will each be taking over a specific segment of our operations and namely, Mr. Ivanov will be in charge of our financial, internal control and audit operations; Mr. Velev will be responsible for the management of our auto insurance business, our product development in this segment, as well as our settlement operations; Ms. Maneva will take charge of our insurance operations outside of the auto insurance segment as well as the Company’s reinsurance activities; Ms. Kokinova will be responsible for the legal support of the Company’s insurance, reinsurance, and settlement operations.

Mirolyub Ivanov is an Accounting and Financial Oversight major from the University of National and World Economy in Sofia. He started his career at Chimimport AD Holding in 1989 as an accountant but managed to rise through the ranks taking various managerial roles including that of a Deputy Chief Accountant from 1991 to 2001. From 2002 till recently he was General Manager and shareholder of Omega Finance OOD. Between 2003 and 2007 he served as Chief Executive Officer and Member of the Board of Directors of Balkan Hemus Group. From 2005 to 2007 he was General Manager of Bulgarska Korabna Kompaniya EOOD. Since 2007 he has served on the Board of Directors of Chimimport AD. Since 2008 he has been a member of the Board of Directors of Zurneni Hrani Bulgaria AD. He has served as Member of the Board of Prouchvane I Dobiv na Neft I Gaz AD since 2010. In 2012 he was appointed to the Supervisory Board of CKB-Sila Pension Insurance Joint Stock Company. Since 2012 he has served on the Board of Directors of Natsionalna Stokova Borsa AD. He is holding or has held various other appointments. Mirolyub Ivanov is a distinguished economist with more than 25 years of professional experience in various managerial roles.

Konstantin Velev graduated the Law School of Sveti Kliment Ohridski University of Sofia. His career in insurance started in 1997 when he headed the Legal Division of the Insurance Supervision Directorate. Between 1996 and 2008 he taught at the Department of Civic and Legal Studies with Sveti Kliment Ohridski University of Sofia’s School of Law. Since 2000 he has served as Executive Director of Orel AD Insurance Company. From 2006 till the end of May 2016 he was Executive Officer and Member of the Board of Generally Insurance AD, Generally Life Insurance AD, and Generally Bulgaria Holding AD. Between 2008 and the end of May 2016 he served as Executive Director of G. P. Reinsurance EAD. Mr. Velev also served as President of the Supervisory Board and Member of the Board of Directors of the Bulgarian Insurers’ Association (ABZ). He is Member of the Board of Directors of the National Bureau of Bulgarian Motor Insurers. He took part in the drafting of all major bills in the field of insurance including the new Insurance Code. Mr. Velev has more than 19 years of managerial experience in Bulgaria’s insurance industry.

Diana Maneva graduated the University of National and World Economy of Sofia majoring in International Economic Relations and Banking Management. She holds various degrees and certificates in the field of risk assessment, reinsurance, underwriting, and finance from London Business School (2011), the University of Pittsburgh, and Katz Graduate School of Business (2008). Between 2001 and 2006 she served as Member of the Board of Directors and Executive Officer of Orel AD Insurance Company. From 2006 till May of 2016 she was Executive Officer and Member of the Board of Directors of Generally Insurance AD, Generally Life Insurance AD, and Generally Bulgaria Holding AD. From 2008 till the end of May 2016 she was Executive Director and Chief Executive Officer of G. P. Reinsurance EAD. She served on the Board of Directors of the Guarantee Fund for Mandatory Insurance between 2002 and 2004. She is member of the Board of Directors of Bulgaria’s Council of Women in Business. Ms. Maneva has more than 19 years of managerial experience in Bulgaria’s insurance industry.

Vasya Kokinova graduated the Law School of Sveti Kliment Ohridski University of Sofia. Her legal career in insurance started in 1996 at Sofia Ins Insurance and reinsurance Joint Stock Company. In 2001 she was hired as Legal Counsel at ZAD Armeec and in 2003 took over the Company’s Legal Department as Chief Legal Counsel. Since 2012 she has been practicing as an attorney specializing in insurance and commercial law. She has been part of several insurance start-ups. She is a lawyer with considerable courtroom experience in civil and commercial cases related to insurance disputes and is a registered mediator.

In May of this year ZAD Armeec celebrated its 20th anniversary. Over the years the Company became a perennial leader on the Bulgarian insurance market and since 2012 has commanded a market share of over 13 %. The Company is the market leader in general insurance, motor vehicle CasCo insurance and travel assistance insurance.

The changes in the Company’s management team are the result of our new development strategy. We believe that by facing the challenges of the market and by meeting the high expectations of our customers ZAD Armeec will continue to be a model of excellence for the Bulgarian insurance market.