Bulgaria: ARMEEC sold 80% of its Russian unit shares

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.

The Russian insurer ITIL was founded in 1995, the company's original name being ZARECHENSKAYA.

In 2012, the Bulgarian insurer ARMEEC acquired 100% of the ITIL's shares, the insurer's name being changed to ITIL ARMEEC.

At the end of 2017, ITIL ARMEEC reported GWP worth EUR 15 million, out of which EUR 12.7 million - MTPL.

The insurance company ARMEEC was set up in April 1996 by the Bulgarian Defence Ministry.

In July 2002, the Bulgarian holding CHIMIMPORT (with business in finance, production of oil and gas, production and trading with petroleum products, processing and trading with grain and oilseed oils, trading with chemicals and fertilizers, aviation, river and maritime transport) acquired 91.92% of the insurer's capital, the Ministry of Defence retaining the remaining 8.08% of the share capital.

At the end of 2017, ARMEEC reported GWP worth EUR 100 million, being the third largest non-life insurer in the country (market share of 11%).

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

BULGARIA: EUROHOLD turned on profit in 2018

Bulgarian EUROHOLD -owner of EUROINS Insurance Group (EIG) - announced in its preliminary financial report for 2018 - a positive financial result in amount of BGN 1.7 million (EUR 871,800) versus a loss of BGN 17.3 million (EUR 8.84 million) for the comparable period last year.

2019-02-05

ON THE MOVE

Peter CLARKE named VP & COO of FAIRFAX

FAIRFAX Financial Holdings Limited announced that Peter CLARKE has been appointed Vice President (VP) and Chief Operating Officer (COO) of FAIRFAX, reporting to FAIRFAX President, Paul RIVETT.

12.02.2019

ERGO Group appoints a Polish manager

Adam ROMAN, board member of Ergo Hestia (Poland), will hold the position of Head of Global P&C of the ERGO group, effective 1 March. His tasks will include supervision over property insurance of the group in the areas of underwriting, actuarial and pricing, as well as reinsurance.

07.02.2019

TOP EVENT

Inclusive Insurance - a creative solution to narrow the protection gap in the emerging markets of the Southeastern Europe

Insurance should be accessible to all social classes, regardless of their wealth & income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. Inclusive insurance's goal is making insurance available to all, with responsible insurance offers, thus making up for a solution to narrow the insurance coverage gap in the region.

14.02.2019

Latest trends and challenges in the property and motor insurance lines under scrutiny, in Vienna

Property and motor insurance lines are providing for about 75% of the non-life insurance business in the CEE region, but are responsible for over 77% of the claims expenses. As such, although other classes of risks are emerging, for the time being and most probably for a rather long period ahead, property and motor insurance lines will continue to be at the heart of CEE's insurance market architecture.

14.02.2019

FIAR 2019: Register before 28 February and save EUR 400 of the attendance fee

To the satisfaction of its traditional guests, FIAR returns in 2019 to its historical hometown, Sinaia. The forthcoming edition will benefit from the comfort and professional facilities of a new venue, the Conference Center of the International Hotel ****, located in the heart of the beautiful mountain resort. Registration is opened at a significantly discounted early bird rate until 28 February.

10.01.2019

See all