Lev Ins to Become the Fourth Insurer on the Bulgarian Stock Exchange

The general shareholders’ meeting of Lev Ins Insurance and Reinsurance Company has initiated a public offering procedure on the Bulgarian Stock Exchange. The insurer’s shareholders approved the decision on their general meeting held yesterday.

Lev Ins said in a statement its listing on BSE-Sofia was a response to investors’ interest and would ensure the necessary transparency to guarantee its clients’ safety. It would also allow them to acquire interest in the company’s capital.

At its general meeting esterday Lev Ins reported a profit of 10 mln leva and decided to increase its capital from 13 mln leva to 23 mln leva.

The general meeting also decided to create a “Prevention” fund with a start-up capital of 1 mln leva, which would provide resources for the company’s preventive program in the next reporting period.

Israeli citizen Eli Vickelman, an established specialist in risk management and reinsurance, was elected a member of the company’s Supervisory Board.

Financial Supervision Commission data shows that as of 30 September 2006 Lev Ins had a market share of 4.77% and premium revenues of 34.197 mln leva. In the first nine months of last year the company posted a profit of 487,000 leva.

After its listing on BSE-Sofia, Lev Ins will become the fourth public company from its branch after DZI Insurance and Reinsurance Company, Bulstrad and Evroins.

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