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%).