Eurohold Bulgaria Acquires A Major Stake in Romanian General Insurance Company

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Eurohold Bulgaria Acquires A Major Stake in Romanian General Insurance Company

Eurohold Bulgaria has acquired Romanian Asitrans Asigurari, the company announced.

The company

Asitrans Asigurаri is Romania's number 14 insurance company. It specializes in auto insurance. The company was founded in 1994 and has 81 offices in Romania, of which 7 are in the capital city – Bucharest. 5500 insurance brokers and 470 other employees work for the company. Asitrans Asigurаri posted premium income in the amount of 18.46 mln euros for 2006, or 140% more than 2005. In 2006 the company's share on the market of TPL insurance stood at 3.6% ( a total of 108,000 insurance policies signed). Motor insurance accounts for 83% of the company's premium income.

Asitrans Asigurаri's premium income for 2007 1Q stands at 8.33 mln euros, or 1.63% market share. The company aims at reaching 30 mln euros premium income this year and is planning to open 20 new offices.

The Market

31 companies operate on the Romanian Market of general insurance. Last year their total premium income increased 39% to 1.308 bln euros. Premium income for 2007 1Q stands at 510 mln euros, or nearly 40% up from a year ago. Meanwhile Bulgarian general insurance companies' income for 1Q rose just 12.5%.

Objectives

With this acquisition Eurohold Bulgaria will enhance its position on the regional insurance market. The holding aims at achieving 3-5% market share in the sector of general insurance in the Balkan Region.

After the acquisition, the premium income of Eurohold Bulgaria companies in the genereal insurance sector is expected to reach 130 mln leva (66.467 mln euros) in 2007, and 180 mln leva (92 mln euros) in 2008.

Asitrans Leasing

Part of the acquisition deal is the purchase of Asitrans Asigurаri's subsidiary Asitrans Leasing, which specializes in the leasing of new automobiles.

In order to finalize the deal, Eurohold Bulgaria must obtain the approval of the Romanian Insurance Supervision Commission.

170,000 shares of Eurohold Bulgaria have changed hands so far today on the BSE, at levels between 4.088 and 4.49 leva/share.

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