Fitch Ratings has affirmed ‘B+’ Insurer Financial Strength Rating with stable outlook to Insurance Company Euroins AD (Euroins Bulgaria), the largest subsidiary of Euroins Insurance Group AD (ЕIG), as well as to EIG Re AD, the reinsurance company of the group, as the Bulgarian holding Eurohold – the owner of Euroins, announced in a statement.

Earlier this year, Fitch confirmed ‘B’ credit rating with stable outlook for the parent company Eurohold Bulgaria as well.

“Fitch marks the improving reserve adequacy of Euroins and expects further positive development in this regard. The agency assesses the business profile of ЕIG‘s Bulgarian subsidiary as good and moderate, highlighting the company's market leading position in Bulgaria.

Euroins has yet to realize its full earnings capacity regarding the operations in Bulgaria, according to the ratings agency. Fitch also forecasts that the group's underlying profitability will drive net income from 2024 onwards.”