At their annual general meeting held on 21 May 2007 the shareholders of Armeec Insurance and Reinsurance Company decided to increase the company’s capital from 15,019,000 leva to 30,766,000 leva. Shareholders also decided to allocate the 2006 profit in the amount of 17.498 mln leva, the company announced.

Under the agenda, announced in advance, shareholders approved the report of the company’s management on their activity, the registered auditors’ report and the certified financial reports for 2006.

The general meeting also approved amendments and additions to the company’s statutes reflected the increase of the capital in it.

The general meeting exonerated from responsibility the members of the supervisory and the managing board for 2006, and the specialized auditor Grand Thornton OOD was selected as auditor for 2007.

Ms. Albena Petrova was elected to act as actuaire of the company.

CCB Group Asset Management owns 83.57% of Armeec’s capital, while Central Cooperative Bank controls 9.057%.