Bulgarian insurance broker SDI’s acquisition by Acrisure approved by the competition authority

21 February 2024 — Daniela GHETU
Bulgaria's competition authority said it approved the takeover of local insurance broker SDI Group by Poland's Unilink, a subsidiary of US financial technology and insurance holding Acrisure, SeeNews wrote.

The notified transaction will not significantly affect competition on Bulgaria's insurance products distribution market, the Commission on Protection of Competition (CPC) said in a statement. CPC’s decision puts an end to the in-depth review of the deal over concerns it may substantially weaken competition in the relevant local markets.

The combined market share of Unilink and SDI Group in non-life insurance for 2022 stood at 15.61%, with the total market share of each of their main business lines not exceeding 40% following the deal.

The transaction, through which the Polish group will acquire 100% of SDI Group's equity capital amounting to 196,500 levs (EUR 100,468), aims to develop Unilink's business, expand its portfolio and staff and bolster its position in the insurance distribution market.

SDI Group was Bulgaria's top insurance broker in 2022, with revenue from insurance premiums of BGN 148.7 million, data published by the Financial Supervision Commission show.

Acrisure entered Poland, Bulgaria, Romania, the Czech Republic, Slovakia and Moldova through the acquisition of Unilink Group last April.