Armeec was licensed in June 1998 to carry out insurance activities in the field of general insurance pursuant to licence no 7, issued by the National Insurance Council.

In July 2002 Chimimport acquired 91.92 percent of the company capital. The Ministry of Defence and the trade companies from its system retained 8.08 percent of the share capital.

 

Insurance business

Armeec Insurance Jsc holds a license to perform insurance activities on the territory of Bulgaria.

The company offers all types of insurance products and services in all lines of non-life insurance business - motor, property, aviation, marine and transport insurance, rail vehicles insurance, construction, crop and livestock, tourist and personal insurances, liability insurances, financial and commercial risks insurance.

Armeec Insurance Jsc operates through a branch network consisting of 54 agencies representative offices throughout the country. The distribution of the insurance products is also carried out by 300 insurance brokers and 400 insurance agents.

Memberships and credit rating

Armeec Insurance Jsc is a member of Bulgarian and international organizations, such as: Association of Bulgarian Insurers, National Bureau of Bulgarian Motor Insurers, Bulgarian Chamber of Commerce and Industry, Sofia Chamber of Commerce and Industry.

In December 2016 the Bulgarian Credit Rating Agency awarded a long-term rating of Armeec Insurance Jsc of BB+, stable perspective, as well as a long-term rating according to the National scale of А- (BG), stable perspective.

The achieved key indicators for the company's activity are the reason behind the Bulgarian Credit Rating Agency increase of the long-term rating of "Armeets" AD from BB+ to BBB-, "stable" perspective in February 2023.