The EUREKO Group, which owns INTERAMERICAN, announced net profits of 1.4 billion euros for 2009, reversing the loss-making image of 2008. These results are the consequence of a series of structural changes and improvements at the strategic – operational level, of the PZU settlement achieved with the Polish government (1.2 billion euros) and the utilization of the signs of the market economic recovery in 2009.

During the previous year EUREKO drastically limited the negative impact from its exposure to financial markets, achieving a structural reduction of expenses of 183 million euros, preserving its financial power with the capital support of its shareholders, Vereniging Achmea and Rabobank, and leading its solvency index for the insurance sector to a very satisfying 251%. EUREKO’s total own funds increased by 36%, reaching 10.1 billion euros, as compared to 7.5 billion in 2008.
INTERAMERICAN contributed 21.8 million euros before taxes to EUREKO’s profits (6.2 million net profits, following extraordinary contribution provisions, Audatex, etc.).

Willem van Duin, the Chairman of the Board of Directors of EUREKO, commented on the results as follows: “The reporting year 2009 should be seen as a period of recovery that bolstered our belief that the Group is on the right track. Our strategic focus concerns the market of the Netherlands and those international markets where we see most potential for the future”.

The new Board of Directors of INTERAMERICAN
Meanwhile, the new Board of Directors of INTERAMERICAN received approval from EUREKO for the business plan prepared for the 2010-2012 three-year period, which aims at organic development and improvement of financial performance. Specifically, the plan provides for a series of strategic initiatives undertaken by the company at the operational level (structures – underwriting – technology), at the level of products – services (standardization of systems instead of products for each sector) and distribution (multi-channel model – new agency model), combined with further cost containment. In 2009, the company achieved a 17% reduction of expenses, compared to 2008.

The new Chairman of the Board of INTERAMERICAN, Thomas van Rijckevorsel, a member of the Board of EUREKO, comes from Rabobank. The Deputy Chairman of the new BoD is Adrian Hegarty, while the CEO is Giorgos Kotsalos.

It should be underlined that 2010 began favourably for INTERAMERICAN, with written premiums in all activities for the first two-month period presenting an 11% increase compared to the corresponding period in 2009.