Eurohold Bulgaria To Set Up A New Company - Euroins Insurance Group

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Eurohold Bulgaria's Board of Directors has appointed a general meeting of shareholders November 27 to vote a proposal for the establishment of a new subsidiary - Euroins Insurance Group, with core activity to consolidate the holding's insurance operations.

The shares owned by Eurohold Bulgaria in Euroins Bulgaria, EuroIns Romania (Asitrans Asigurari), and Health Insurance Company St. Nikolay will be contributed to the capital of the new company.

The new insurance holding will be 100% controlled by Eurohold Bulgaria and will have several major objectives.

First, EuroIns Insurance Group will bear all major characteristics of a strategic investor on the insurance market and help Eurohold Bulgaria in achieving a 4 – 5% market share on the market of general insurance on the Balkans. EuroIns IG will aim at establishing itself as one of the leading insurance groups in the region.

EuroIns IG, which will only control subsidiary insurance enterprises, will also meet to a larger extent the higher requirements of the regulatory bodies (the national insurance supervisory bodies) to majority shareholders in insurance companies. Insurance supervisory bodies in many countries in the EU and in the Balkans, tolerate investors, which are insurers or insurance holdings themselves,
to acquire majority stakes in insurance company, rather than companies with different core activity. The main reason for that is that the supervisory bodies are thus able to carry out a better analysis of the financial situation of the potential investor.

The establishment of the new company also aims at a higher transparency of the financial reports of the insurance units (which are responsible for the largest part of revenue and profit). EuroIns IG will issue consolidated reports, certified by an international auditor, only on Eurohold's subsidiaries, which means providing more detailed financial information for all major financial indicators for all units of the group.

As an independent company Euroins IG will also have an easier access to international capital markets to raise funds for any future acquisitions (in case such are planned).

The GMS will also discuss Eurohold's investment strategy for its insurance activity sector.

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