Bulgarian FSC puts Euroamerican into liquidation process

23 March 2021 — Andrei Victor
The Bulgarian Financial Supervision Commission informed that on March 11,2021 it took the Decision on on initiating proceedings for compulsory liquidation of non-life insurer Euroamerican.

At the same time, "the Guarantee Fund was appointed as liquidator of the insurer with the revoked license", informed FSC here.

FSC revoked the license of Euroamerican on 17.12.2019, due to violations of Insurance Code by the insurer. After the Supreme Administrative Court rejected the appeal of the insurer against this Decision taken by FSC, the market regulator has "green light" to proceed with the liquidation of Euroamerican.

Euroamerican AD is a Bulgarian non-life insurer established in 2004. In 2018, the last year of operations before its licence being revoked, the company was ranking 25th in the country in terms of GWP on the non-life insurance segment.

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