Ralitsa AGAIN-GURI, deputy head of the Bulgarian Financial Supervision Commission (FSC) resigned in the wake of the Olympic insurance company bankruptcy scandal. Vladimir SAVOV, a FSC member, will temporary take over her tasks until a new appointment will be approved by the Parliament.
The total GWP by Bulgarian insurers in 1Q 2018 was BGN 608.07 million (EUR 310.90 million), up by 6.28% y-o-y, according to the quarterly statistics published on the FSC's website.
Bulgaria's ARMEEC Leasing, part of local insurer ARMEEC, intends to acquire the Bulgarian unit of ERB Leasing, part of Greece's Eurobank group.
Ernst & Young, the Bulgarian Financial Supervision Commission's consultant on the bonus-malus system introduction for the MTPL insurance has submitted its final report, presenting no less than 11 possible scenarios for the system's design.
According to a recent decision of the Bulgarian State Fund Agriculture, the budget state aid scheme for agricultural insurance premiums co-financing will be increased by BGN 700,000 in 2018, to BGN 2.2 million (EUR 1.12 million), Novinite reports.
ZAD BULSTRAD VIENNA INSURANCE GROUP has been awarded the highest recognition on the insurance market in Bulgaria, during the 10th anniversary edition of the Bulgarian market's prestigious awards gala.
Bulgarian unit of Austrian insurance group UNIQA said its premium income rose by an annual 31.5% to 35.2 million euro (18 million euro) in February.
Bulgaria's financial regulator said it has banned the local branch of Cyprus-based insurer Olympic from signing new insurance and reinsurance contracts, as well as extending the term and widening the scope of contracts already signed.
The third largest Bulgarian insurer in GWP terms has sold 80% of its Russian unit ITIL ARMEEC shares, announced the Financial Supervision Commission without providing further information, wrote SeeNews.
Belgian financial group KBC said it has completed the acquisition, through its Bulgarian subsidiary DZI Insurance, of MetLife's 40% stake in UBB-MetLife Life Insurance Company, a life insurance joint venture between United Bulgarian Bank (UBB) and MetLife (UBB-MetLife).
Bulgaria's financial regulator said that local insurance company Armeec has sold a stake of over 80% in its Russia-based unit Itil Armeec.
Bulgarian insurance company Euroins, part of Euroins Insurance Group (EIG), will start operations in Poland in the first half of 2018, a senior EIG official told SeeNews on Thursday.
Bulgarian insurers ended 2017 with a 7.50% y-o-y growth-rate in GWP, to BGN 2.20 billion (EUR 1.12 billion), while the aggregate value of net profit decreased by 4.80% y-o-y to BGN 102.83 million (~ EUR 52.58 million), according to the Bulgarian FSA preliminary figures.
Bulgaria's competition regulator said it has given approval to DZI Life Insurance owned by Belgium's KBC Group to acquire full ownership of Sofia-based UBB-MetLife Life Insurance Company.
The assets managed by Bulgarian insurance companies increased to 7.30 billion levs ($4.6 bilion/3.7 billion euro) at the end of 2017, up 10.3% year-on-year, the country's central bank said on Monday.