On April 1, financial and insurance group Eurohold Bulgaria announced its binding offer for the Bulgarian assets of Czech energy group CEZ, the largest public holding company in the country and one of the leading independent business groups in Central and Southeastern Europe, Eurohold said in an official statement.
Bulgaria-based Eurohold plans to increase its share capital by BGN 80 million through preferred shares, the new total reaching BGN 277 million. The capital growth will help the company to reduce its debt and support expansion plans.
Preliminary FY2018 market figures from the Bulgarian Financial Supervision Commission (FSC) show that local insurers ended the year with a 16% y-o-y GWP growth-rate, to BGN 2.52 billion (EUR 1.29 billion), while aggregate value of net profit increased by 29.42% y-o-y, to BGN 118.12 million (~ EUR 60.40 million).
The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.
The assets of Bulgarian insurers in 2018 increased by 4.8% y-o-y to BGN 7.645 billion (EUR 3.91 billion), according to the statistics of insurance activity, published by the National Bank of Bulgaria on March 11.
Bulgaria-based Euroins Insurance Group (EIG) has made a purchase agreement with Germany-based ERGO International AG for buying 4 ERGO insurance companies. EIG will take control over ERGO's life and non-life subsidiaries in Romania and Czech Republic, as well as the non-life company in Belarus.
Bulgarian financial group EUROHOLD said its revenues from insurance activity at the end of December 2018 amounted to BGN 985.3 million (EUR 503.8 million), 2% less y-o-y. The insurance operating expenses for the period under review increased by 0.6% y-o-y to BGN 924.9 million (EUR 472.9) compared to BGN 919.2 million at the end of 2017.
While residential real estate in Bulgaria has expanded in recent years, the property insurance market remains underdeveloped, well below its true potential.
Bulgarian EUROHOLD -owner of EUROINS Insurance Group (EIG) - announced in its preliminary financial report for 2018 - a positive financial result in amount of BGN 1.7 million (EUR 871,800) versus a loss of BGN 17.3 million (EUR 8.84 million) for the comparable period last year.
Bulgarian FSC (Financial Supervision Commission) has raised the fixed amount of contribution that Bulgarian insurers have to transfer to the Guarantee Fund for each MTPL contract issued, as a followup to the December 20th discussion when the Commission initially talked about a possible change in the amount of contribution.
The Greek central bank's Credit and Insurance Committee announced it has banned the proposed acquisition of a 100% stake in Credit Agricole Life by the Bulgarian Euroins Insurance Group (EIG).
The sale of the French Societe Generale banking group's Bulgarian subsidiary, SG Expressbank - including the leasing, factoring and life insurance subsidiaries -, to Hungarian OTP Bank was finalized, according to an OTP statement on 16 January.
The Bulgarian insurance market saw a 13.5% GWP growth in 3Q2018, to EUR 953.36 million, while paid claims went up overall by only 3.75%, to EUR 407 million. Non-life insurance line, especially the MTPL class, were the market's growth drivers.
The Bulgarian Financial Supervisory Commission announced it has allowed DZI - Life Insurance's plan to absorb its wholly-owned unit UBB - Life Insurance. FSC did not provide further details in its statement.