Active reinsurance in Bulgaria and the MTPL segment in Romania and Macedonia increased EIG's GWP by more than 50% in H1

26 August 2015 — Vlad BOLDIJAR
The Bulgarian insurance group EUROINS (EIG) - member of EUROHOLD, reported for the first half of 2015 a 53.65% increase of gross written premiums (GWP), up to EUR 115.97 million, according to preliminary data published by the group. Positive rates in GWP were reported by EUROINS Romania (+61.9%), EUROINS Bulgaria (+47.5%) and EUROINS Macedonia (14.8%), while the two specialized insurers - EUROINS Life (-6.3%) and EUROINS Health (-44.2%) reported negative dynamics.

According to the preliminary figures, the Romanian unit - EUROINS Asigurari - reported the highest GWP volume - EUR 79.66 million (68% of the total Group GWP). On insurance classes, EUROINS Romania posted a 67.4.8% increase of MTPL premiums, a 5.2% positive rate in property, and a 47.8% decrease in voluntary Motor Hull segment. According to the statement, "the growth in the MTPL Lob of EUROINS Romania is largely due to the significant price increases, following also the general market trends. Along with this, any increase in the number of policies sold is supported by detailed segmentation aiming at maximum risk reduction".

The growth rate in GWP of EUROINS Bulgaria was strongly influenced by the development of the "active reinsurance" segment: +307.6% to EUR 11.56 million. At the same time, the second largest EIG subsidiary, reported a 4.1% decrease in MTPL segment and a 1.4% negative rate on property classes.

The GWP increase of Skopje-based insurer EUROINS Macedonia (the third largest subsidiary as GWP volume) was influenced by the strong increase in Motor TPL segment (+18.6%).

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On the Bulgarian market, EIG is present with other two specialized companies, one on health insurance segment and another one active only on the life insurance segment.

At the same time, EIG owned 10% of the liquidated Serbian non-life insurer TAKOVO osiguranje.

This February, EIG announced the acquisitions of two units of German insurer TALANX: HDI Zastrahovane AD (Bulgaria) and HDI Strakhuvanya (Ukraine). "The deal is a natural continuation of the already successfully executed acquisitions of INTERAMERICAN Bulgaria and QBE's business operations in Bulgaria and Romania", EIG officials declared.

At the same time, EUROINS Insurance Group reached an agreement to acquire the life insurance subsidiary of CREDIT AGRICOLE in Greece. The transaction is subject to customary regulatory approvals and is expected to close in the last quarter of 2015. "This acquisition is in line with the expansion strategy of the group to strengthen its dominant position as a regional market player in the region as well as to diversify its portfolio by enlarging its life operations. Post successful execution of the deal, EIG will have legal entities in 5 countries and is expected to generate revenues in excess of EUR 350 million".

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