Euroins acquires Talanx Intl's Bulgarian, Ukranian units Bulgarian insurer Euroins has signed a deal with Germany-based Talanx International to acquire its operations in Bulgaria and Ukraine. The German group said it is selling its two subsidiaries HDI Zastrahovane in Bulgaria and HDI Strakhuvannya in Ukraine "at a price in the middle single-digit million euro range". The deal for the two companies is subject to regulatory approvals and is expected to close in the second quarter of 2015. It is part of Eurohold's expansion plans and is aimed at strengthening the group's position on the insurance market in Central and Eastern Europe. For its part, the German company said the sale of the two companies enables it to streamline its portfolio in Eastern Europe in the Retail International Division. Following the deal, Euroins will be active in five countries and will be generating gross written premiums in excess of EUR 200 million. HDI Bulgaria's managing director, Peter Avramov, will step in as chief executive officer of Euroins Bulgaria. This nomination will ensure a smooth transition process of the merger of both companies. In 2013, the gross premium income of HDI Zastrahovane amounted to EUR 13 million, while that of its Ukrainian peer was EUR 16 million. The cumulative earnings before interest and taxes of the two companies was around EUR 1 million in 2013. At end-2013, Euroins took over the operations of Australian insurance company QBE in Bulgaria and Romania and finalised the acquisition of Interamerican Bulgaria. In 2014 the company started operations in Greece.
Source: Capital (23.02.2015)

Euroins Insurance Group raises stake in Bulgarian unit Bulgaria's Euroins Insurance Group has raised to 83.64% its stake in its Sofia-registered subsidiary Euroins, the group's unit said on Friday. Following the move, the group owns 13,775,972 Euroins shares, Euroins said in a bourse filing. The value of the deal was not disclosed. The changes were registered with the country's central depositary on March 16. Euroins Insurance Group, part of financial and insurance group Eurohold Bulgaria, held 78.14% of Euroins at the end of 2014, according to its financial report. Euroins Insurance Group also has units in Romania and Macedonia.
Source: money.bg (21.03.2015)

More deals and foreign owners in Bulgaria After 4-5 years of shrinkages and withdrawal of foreign investors, the mergers and acquisitions market in Bulgaria is timidly changing. The first small optimistic signs from 2014 have gradually continued in 2015. Since the beginning of the year the market marked around 20 deals on the background of a total of 69 throughout 2014. “The first quarter of 2015 is certainly one of the strongest first quarters in terms of mergers and acquisitions for a long while not only concerning scale, but also deal quality,” noted Yulian Gikov, CEO of Raiffeisen Investment. Events around Corporate Commercial Bank (CorpBank) provide ground for changes in the ownership of companies in the orbit of the financial institution, for example telecom leader Bulgarian Telecommunications Company (BTC). Atanas Bangachev, Partner at CMS Cameron McKenna LLP - Bulgaria branch, noted that there was interest towards the financial services sector, providing an example with the preliminary agreement of Industrial Holding Doverie over Tokuda Bank. The deal is awaiting the Bulgarian National Bank (BNB)’s approval. Among the deals mentioned is the sale of 32.73% of Bulgarian American Credit Bank (BACB) by Gramercy Select Master Fund to LTBI Holdings LLC against EUR 17.73 million. They are connected companies.
Source: Capital (20.04.2015)

The four largest general insurance companies in Bulgaria hold 50.3% share of the market, according to calculations by Profit.bg based on data of the Financial Supervision Commission. The leader Bulstrad Vienna Insurance Group has a 17.4% market share, while Armeec and Lev Ins, which are the other two companies with over 10%, hold respectively 12.4% and 10.7%. DZI General Insurance has 9.79 percent of the market, which ranks before Bul Ins and Allianz Bulgaria (8.19% and 8.18%). More than 5% market share have Victoria (6.1%) and OZK Insurance (5.56%), while Generali and Uniqa hold respectively 4.7% and 4.3%. Euroins holds 4.26% percent, while HDI Insurance, which was acquired namely by the insurance unit of Eurohold Bulgaria, is 2.5%. Gross premium income in the sector for the first two months of the year was BGN 252.9 million from BGN 245.1 million a year earlier.
Source: profit.bg (30.04.2015)

Bulgarian insurer Euroins Jan-Oct premium income up 51.6% The premium income of Bulgarian insurer Euroins rose by 51.6% to EUR 48.9 million in the first ten months of 2015, its parent company, Eurohold Bulgaria, said on Tuesday. In October alone, Euroins's total premium income rose by an annual 122.7% to EUR 5.1 million. Euroins's premium income from property insurance rose by 13.9% to EUR 4.4 million in the January-October period. The company’s general motor insurance business generated EUR 8.4 million in premiums in January-October, up by 8.4% from a year earlier, while third-party liability insurance premiums were up 15.4% to EUR 14.4 million. Euroins is a unit of Euroins Insurance Group, the insurance sub-holding division of Eurohold Bulgaria.
Source: investor.bg (18.11.2015)

Private enforcement officer sells properties of Intercapital property development and Enemona’s headquarter Private enforcement officer announced for sale properties of Intercapital Property Development REIT and Enemona’s headquarter in Sofia. Five apartments of Intercapital Property Development REIT are put for sale, as the term for application is 10th of January 2016. All apartments are two-roomed and are located in Marina Cape complex in the town of Aheloy. Initial prices are respectively BGN 68 650,45, BGN 127 569,53, BGN126 507,92, BGN 133 939,16 and BGN 124 561,64 or a total of BGN 581 228,7. The building where these apartments are located is put into exploitation. Public sale is organized at the request of Telelink EAD.
Source: investor.bg (08.12.2015)