Eurohold accuses hostilities on Euroins Romania

14 February 2023 —
Eurohold Bulgaria, a leading energy and financial group in Southeast Europe, accuses an organized attack against Euroins Romania, the largest insurer on the Romanian insurance market and the biggest unit of Euroins Insurance Group, the holding's subsidiary insurance group.

Thus, the Bulgarian holding pointed out in a statement published on February 10th that all competent state authorities and international institutions have been "already alerted to prevent a liquidity crisis in the sector and financial and political destabilization in Romania and Bulgaria".

"Eurohold has already informed a number of competent state and international bodies and institutions about these actions and these institutions are taking the necessary measures. The information provided by the company to the relevant state and international institutions describes all the intentional actions of the group against Euroins Romania and the potential aim of the campaign that might consist in a quick seizure of the assets of the insurer, causing a liquidity crisis in the sector of major impact. This financial destabilization could be transferred to Bulgaria and could have a negative impact on the membership of both countries in the Schengen area as well as the entry of Bulgaria into the Eurozone despite the excellent bilateral relations between the two countries.

The attack on Euroins Romania escalated in the last two weeks when a massive negative campaign was organized through media, some politicians and some Insurance department officials of ASF. It includes actions and measures that are in blatant violation not only of the national, but also of the European legislation. The shareholders of the holding believe that there is a purposeful campaign that aims to destabilize the Romanian insurance and financial market, as well as the company itself as a leader in this market. Eurohold has also alerted the European Insurance and Occupational Pensions Authority (EIOPA) and other European authorities of these actions.

Eurohold calls on all employees and partners of its subsidiaries to continue trusting our company and to confidently resist such attacks. We also ask the representatives of the competent state authorities, to ensure a transparent, impartial and internationally recognized revision of the process conducted by some members of the ASF Insurance department team over Euroins Romania that could lead to a liquidity crisis and overall financial and political instability. The company will further and promptly provide additional information on the case to all interested parties and stakeholders."

On February 13th, Eurohold informed that the company has taken all possible operational and legal measures to protect the interests of shareholders, creditors and investors.

"Along with in-house experts, the company has engaged a solid team of external consultants with diverse expertise and will continue efforts to finalize the case in Romania in accordance with European law. The holding declares that it will not allow any compromise that would harm the company and the interests of its shareholders, investors and creditors.

The management and the main shareholders of Eurohold are confident that the actions taken will ensure the financial stability of the company. All subsidiaries of the holding are operating normally. In the latest reporting period (as of September 2022), Eurohold posted the best consolidated results in its history due to strong performance of both the group's insurance and energy businesses. The expectations are that this upward trend will continue in the coming quarters. Trading in financial instruments of the company on the Bulgarian and Warsaw Stock Exchanges will continue in the usual market rhythm".