American International Group (AIG) has opened a new Shared Services Center (SSC) in the Bulgarian capital Sofia to support its insurance operations in 17 European countries.

The opening ceremony was attended by AIG President and CEO Peter D. Hancock and Bulgarian Deputy PM Meglena Kuneva.

With the expansion AIG hopes to boost its Claims, Policy Servicing, Accounts Receivable, and Travel Assistance services.

 “Opening this new centre in Sofia, which will play an important part in our European operations, affirms our strong commitment to Bulgaria. In addition, we also plan to continue expanding our commercial insurance activities here,” Hancock is quoted by MarketWatch as saying.

"This investment is unique for the fact that we are the first international financial organization making such a center in the country. As well as due to the fact it is the first multilingual center of AIG in the world," money.bg quotes Ventislav Yotov, the company's General Manager Bulgaria and Romania, as saying.

As many as 350 people are employed by AIG in Bulgaria, with the new center resulting in an increase to about 500 people.

AIG, a US-based multinational property-casualty and general insurance organization which offers services in over 100 countries and jurisdictions, announced last autumn it would stop offering Consumer insurance in Bulgaria as of October 1, 2014 and would only continue to write Commercial insurance, which covers mainly "accident and health, group travel, and personal property policies".

In a statement on its website, it said the decision "was based purely on the assessment of the current and future potential of the insurance market in Bulgaria in line with AIG's operational and investment requirements."

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