BULGARIA: SAGLASIE to acquire TOKUDA Health Insurance

29 June 2017 — Vlad BOLDIJAR
The Bulgarian FSC - Financial Supervision Commission announced it has approved the 100% takeover of TOKUDA Health Insurance by the life insurer SAGLASIE. The transaction amount is of about EUR 3 million.

Owned by the Japanese company TOKUSHUKAI, TOKUDA Health Insurance's share capital is of about EUR 2.3 million. At the same time, according to the FSC data, the health insurer reported FY2016 GWP of about EUR 1.5 million.

The life insurer SAGLASIE is owned by the Bulgarian Holding WEB FINANCE. The insurer was established in 2006 and was owned until 2011 by the Slovenian KD Group.

WEB FINANCE Holding was established in 2002. The core activity of the company is in the areas of debt acquisition and collection. Thus, the company manages large number of debts, acquired through debt portfolio acquisitions. During the past years, WEB FINANCE Holding has acquired the assets of most of the Bulgarian banks, which became insolvent during the bank crisis in 1997. Among the banks that we acquired are: FIRST PRIVATE Bank, TS Bank, INTERNATIONAL Trade and DEVELOPMENT Bank, AGRICULTURAL Credit Bank, CRYSTAL Bank, CAPITAL Bank, DOBRUJANSKA Bank.

At the same time, WEB FINANCE Holding services most of the contemporary Bulgarian banks (UNICREDIT Bulbank, EUROBANK EFG Bulgaria, DSK Bank, BULGARIAN DEVELOPMENT Bank, UNITED Bulgarian Bank and CENTRAL Cooperative Bank), facilitating their current debt collections in both the retail and company lending sectors of their business.

Starting from 2010, WEB FINANCE Holding commenced building a holding structure in the sphere of the financial services on local level in the Bulgarian market. Since then, WEB FINANCE Holding has accomplished several acquisitions:
  • Life Insurance Company SAGLASIE JSC;
  • SAGLASIE Asset Management JSC;
  • CONCORD Asset Management JSC;
  • ABC Finance JSC - a financial brokerage company;
  • SAGLASIE Ins Broker LTD;
  • SUPER BOROVETZ Property Investment JSC;
  • SUPER BOROVETS Property Fund JSC;
  • CONTROL Engineering JSC;
  • Pension Assurance Company SAGLASIE;
  • TEXIM Bank.

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