EIG will acquire the stake for EUR 3.6 million through increasing the capital of RSO EUROINS. "This will allow the Bulgaria-based company to settle its business in Russia", the Bulgarian insurer said in a statement.
"With the acquisition of ООО RSO Euroins, our insurance group is expanding its presence in Southeast Europe and strengthens its leading position in the region. We are purchasing a company with a growing business that is operating in a huge market. The macroeconomic outlook for the Russian economy is positive and the country's GDP growth is expected to turn into positive one in 2018 thus emerging from the recession in the last two years", said Asen CHRISTOV, Supervisory Board Chairman of EUROHOLD Bulgaria.
RSO EUROINS is specialized in the general insurance segment in Russia and has been operating in the country since 2003 offering more than 50 insurance products. The company recorded GWP of EUR 21 million (40% growth y-o-y) for 2016.
Currently, the shareholders of RSO EUROINS are APOS (84.36%), TSOC (9,98%) and Makova Olga Borisovna (5,66%) - the General Director of the company.
Currently, EIG operates in 8 countries providing services for 2 million customers. The group is active in Bulgaria, Romania, FYROM, Ukraine and Greece. It also has niche operations in Italy, Spain and Poland. EIG has its own subsidiaries in the first four of the countries where it is present. With the purchase of the Russian insurer the annual GWP of the Bulgaria-based group will surpass EUR 400 million and the company will be present in markets populated with over 200 million people.
In the last couple of years EIG has acquired Germany's TALANX Group's subsidiaries in Bulgaria and Ukraine, operating under HDI brand, Dutch insurer ACHMEA's insurance business in Bulgaria, known under INTERAMERICAN brand, as well as Australian group QBE's operations in Romania and Bulgaria. It also bought the non-life insurance portfolio of ATE Insurance Romania, a subsidiary of Greece's PIRAEUS Bank.
Euroins Insurance Group (EIG) is one of the largest independent groups operating in the Central and SEE insurance markets. The company is focused in providing a full range of insurance products in the areas of general, health and life insurance. Sofia-based group operates in 8 European countries, in 4 of them (Bulgaria, Romania, FYROM and Ukraine) is represented by the own insurance subsidiaries.
In 2014 EIG initiated operations in Greece. The group has over 2 million clients, 1600 employees. In 2017, Fitch has assigned Euroins Romania, as the largest company in EIG, an insurer financial strength (IFS) rating of 'BB-', with stable outlook.
Euroins Insurance Group (EIG) is a subsidiary of EUROHOLD BULGARIA - leading Bulgarian company, listed on BSE-Sofia and WSE. EUROHOLD BULGARIA operates across the CEE and SEE, focused on non-banking financial services and asset management.