ECONOMY

Interamerican rotates top

Interamerican, the insurance group, said yesterday it has promoted three management executives in line with a newly adopted rotation process designed to increase productivity and cut operating costs. The group, controlled by pan-European insurance consortium Eureko since last year, said it has decided to rotate executives starting at the top in order to «rejuvenate management,» increase sales and reduce operating costs. Minos Moisis, head of the life and health insurance division and a member of the executive committee, has been promoted to managing director of the group in charge of coordinating activities locally and abroad. Nelson Machado, responsible for sales, bancassurance, customer service and marketing, was named general manager for life and health insurance and human resource. Following his commendable record at mutual fund Intertrust, Kyriakos Apostolidis has been promoted to general manager of sales and marketing for the group. The decision to place more emphasis on sales comes as Interamerican is projected to show a loss this year for the third consecutive year. While the non-life sector has been holding up well and even expects to show a double-digit increase in premiums this year, the life division continues to be buffeted by high claims and low rates. In common with other European insurers, Greek insurers have seen their equity investments slump as a result of sluggish stock markets, even possibly affecting their ability to meet claims. A series of natural disasters this year has also brought further headaches. Shareholders at Interamerican’s special annual meeting last month approved a 50-million-euro share capital increase to boost the group’s capital reserves.