The Bulgarian "Euroins" Buys Four ERGO Companies

Business | March 15, 2019, Friday // 15:01| Views: | Comments: 0
Bulgaria: The Bulgarian "Euroins" Buys Four ERGO Companies

Euroins Insurance Group has concluded an agreement to acquire four insurance companies in three European countries - Romania, the Czech Republic and Belarus, the company said. The companies are subsidiaries of the German ERGO - one of the leading insurance groups in Europe and part of Munich Re, which is one of the world's largest reinsurance companies, reports

The value of the deal has not been announced. Under the terms and conditions, the Bulgarian company, owned by Eurohold, will acquire all the shares, including ownership of employee contracts, portfolio of clients and IT systems. In 2017, the premium income realized by the four companies of ERGO reached 72 million euros. EIG, which is among the largest in Central and Southeastern Europe, acquires three ERGO subsidiaries in Romania and the Czech Republic specialized in life insurance and non-life insurance, as well as one non-life insurance company in Belarus. Thus, after finalizing the deal, EIG will work in 11 European countries, including its subsidiaries in seven of them - Bulgaria, Romania, Northern Macedonia, Ukraine, Georgia, the Czech Republic and Belarus.

Less than a year ago, Euroins Insurance Group bought the Ukrainian ERV-owned ERGO-owned travel insurance company. In recent years EIG acquired directly or through its subsidiaries: the insurance business of German Talanx International in Bulgaria and Ukraine - respectively HDI Insurance and HDI Strakhuvannya; of Dutch Achmea in Bulgaria - Interamerican; of QBE in Bulgaria and Romania; the insurance portfolio of ATE Insurance, the Romanian subsidiary of the Greek Piraeus Bank; one of the leading insurers in Georgia - IC Group; a significant share in the Russian insurance company ООО РОО Евроинс. In 2018 Eurohold Bulgaria reported revenues from its insurance business of BGN 987 million, these figures excluding Russian business. The net operating profit amounted to BGN 12.4 million.

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