Bulgarian financial holding Eurohold, the owner of Euroins Insurance Group, announced stable revenues in 2020 compared to the financial results in 2019 when the economy was growing, according to the holding's preliminary consolidated unaudited financial report for the last year.
Bulgarian financial holding Eurohold has secured a EUR 26 million (USD 31 million) funding commitment from Gem Global Yield (GEM), a USD 3.4 billion Luxembourg-based alternative investment group focused on emerging markets. The two parties have already signed an agreement.
Eurohold Bulgaria, owner of Euroins, intends to increase its working capital up to EUR 100 million by issuing new shares on the Bulgarian Stock Exchange (BVB). The main shareholders of Eurohold, including Starcom Holding AD, confirm their participation in the future capital increase.
Belgian fiancial group KBC and the Netherlands-based NN Group announced they reached an agreement for KBC's Bulgarian subsidiary, DZI - Life Insurance, to acquire NN Bulgarian operations for a total consideration of EUR 77.7 million.
The Bulgarian Energy and Water Regulatory Commission (EWRC) granted approval to EUROHOLD Bulgaria for the acquisition of the Czech energy company CEZ Group's subsidiaries in the country, as the financial holding announed in a statement
In 2013, the European Directive 2013/50/EC pushed all annual financial statements of issuers whose securities are admitted to trading on regulated markets in the EU to be drawn up in a single electronic reporting format (ESEF), starting from 1 January 2020. Because of the COVID-19 pandemic, the Financial Supervision Commission of Bulgaria (FSC) decided to postpone for one more year the implementation, allowing the companies to focus on the management of the pandemic crisis.
Rapid modernization, stability and consumer protection were the top priorities for the Bulgarian insurance market, as revealed during the latest international show of XPRIMM TIME for BUSINESS, aired on Wednesday, 16 December.
Bulgarian insurance market totaled BGN 2.16 billion (~EUR 1.10 billion*) at the end of September 2020, down by 0.87% y-o-y, according to data from the Financial Supervision Commission - FSC.
Half-year market figures from the Bulgarian Financial Supervision Commission (FSC) show that local insurers ended the first semester with a 2% y-o-y decrease in GWP to BGN 1.44 billion (EUR 740 million), while aggregate value of net profit increased by 47.79% y-o-y, to BGN 150.84 million (~ EUR 77.12 million).
Bulgarian financial group EUROHOLD, increased its H1 2020 revenues by the insurance business line in the context of the COVID-19 pandemic, according to the holding's consolidated financial statement for the period January-June 2020.
Bulgarian insurers' total assets increased by 7.7% y-o-y, data provided by the Bulgarian Central Bank as of June 30, show. At the same time, the number of market players decreased by 1 unit, to 51 companies. The scope of the statistics also includes the data for the branches of insurers headquartered outside Bulgaria.
Bulgarian insurance market totaled about BGN 760 million (EUR 389 million*) at the end of March 2020, up by 1.58% y-o-y, according to data from the Financial Supervision Commission - FSC.
Bulgaria's Financial Supervision Commission announced that it approved that local life insurer GROUPAMA Life Insurance to absorb its other life unit: GROUPAMA EXPRESS Life.
Bulgarian insurers reported FY2019 GWP of BGN 2.9 billion (~EUR 1.5 billion), about 15% more y-o-y, according to year-end market statistics published by FSC. During the period, Bulgarian insurers paid claims worth of EUR 620.2 million, 8.4% more y-o-y, of which about EUR 530 million being related to non-life LoBs.
During February 2020, Fitch Ratings, the leading provider of credit ratings, affirmed the ratings of Russia ('BBB'), Kazakhstan ('BBB'), Georgia ('BB'), Turkey ('BB-'), Bulgaria ('BBB') and Hungary ('BBB').
VIENNA Insurance Group announced two of the top women managers in the Group - Svetla NESTOROVA (Bulgaria) and Sabina MUJANOVIC (Bosnia-Herzegovina), recently received major awards for their performance in 2019.
According to the Chairman of the Financial Supervision Commission (FSC), Boyko ATANASOV, the proposed new Bonus-Malus system was well-balanced for drivers. About 21,000 drivers will pay more (about 4 times) for their civil liability insurance, as the data of the Insurers Association show.
Bulgarian insurers reported nine months aggregate GWP of BGN 2.18 billion (EUR 1.11 billion), 17.17% more y-o-y, according to quarterly market statistics published by FSC.
The Bulgarian Commission on Protection of Competition - CPC decided to prohibit the acquisition of CEZ's undertakings in Bulgaria by financial group EUROHOLD Bulgaria
Bulgarian Commission for Protection of Competition announced this week that it approved the fully aquisition of EXPRESS Life Insurance (former SOGELIFE Bulgaria) by the local subsidiary of French insurer GROUPAMA, after about two weeks before the transaction received the "green light" from the Bulgaria's Financial Supervision Commission.