Euroins purchases insurance portfolio in Romania Insurer Euroins negotiated the purchase of a package of general insurance policies from a small competitor on the Romanian market - ATE Insurance. The size of the portfolio and the price of the deal were not reported, and the finalization of the transaction depends on regulatory approvals. If the procedure goes off without a hitch, Euroins Romania will be able to increase the share of non-motor insurance business and to diversify the riscs. The agreement the portfolio transfer was signed on January 19, according to the corporate message. The latest data shows that Euroins holds the most significant market share in the country in which it operates - nearly 15%, while in Bulgaria the market share is around 7%.
Source: Capital (23.01.2017)

Bulgarian financial watchdog appoints external experts for follow-up review of insurers' assets The Bulgarian financial regulator said that eight external auditors have been selected to review the assets of Bulgarian insurance and reinsurance companies as at end-2016 in a follow-up to asset reviews that looked at the state of affairs as at end-June. International auditor Grant Thornton has been appointed to review the assets of 11 Bulgarian insurers, while BDO and PricewaterhouseCoopers (PwC) will review the assets of 5 insurance companies each, the Financial Supervision Commission (FSC) announced on its website on Tuesday. The Bulgarian units of international auditors Deloitte, KPMG, HLB will review the assets of 4 insurers each, while Ernst&Young (EY) has been appointed to review the assets of 3 insurers. France’s Mazars has been appointed to review the assets of one Bulgarian insurer. In February, the review of the assets of Bulgaria's pension funds and the balance sheets of the insurance and reinsurance companies, as well as the stress tests of insurers and re-insurers showed that the Bulgarian insurance and pension insurance sectors are stable. The insurance sector remained above 100% of the capital requirements, as the insurance balance sheet review showed an aggregated Solvency Capital Requirement (SCR) ratio of 154% and an aggregated Minimum Capital Requirement (MCR) ratio of 308% for the solo entities before the impact of the consistency procedures, the regulator said at the time. For thirteen companies, the total available own funds to cover SCR and/or MCR as at June 30 was insufficient. Those companies had a total MCR deficit of 25 million levs ($13.7 million/12.8 million euro), and total SCR of 50 million levs. The pension funds’ assets review and insurers' balance sheet review as at June 30, 2016 were performed between July 15 and the end of January 2017. The information on the outcome of the reviews was provided by independent external reviewers and was summarized by international consultancy Ernst&Young.
Source: Capital (23.03.2017)

Euroins Insurance Group already holds over 90% of Euroins Euroins Insurance Group reached a shareholding of 90.07% in the insurance company Euroins. On March 31, Specialized Logistics Systems sold its entire stake in the capital of Euroins. With two consecutive deals, the majority owner Euroins Insurance Group has increased its stake in the insurer's capital to 14,843,631 shares, representing 90.07% of the rights aloud in the general meeting of the public company. At the end of 2016 Euroins Insurance Group owned 80.92% of the capital of Euroins. By law, when crossing the border of over 90% in the capital of a company, a tender offer can be made.
Source: Capital (06.04.2017)

Bulgaria's Euroins Insurance Group to launch a buyout bid for insurer Euroins Bulgaria’s Euroins Insurance Group (EIG), part of financial and insurance group Eurohold Bulgaria [BUL:4EH], said on Thursday it will launch a buyout bid for the remaining 9.93% of the capital of its Sofia-based subsidiary Euroins [BUL:5IC] it does not already own. "The goal is for EIG and Eurohold Bulgaria, its majority shareholder, to wholly consolidate their stakes in all their subsidiaries in Southeast Europe", Jerome Van Leeuwen, EIG's chief operating officer, said in a bourse filing. The tender offer will be filed for approval with the Financial Supervision Commission (FSC) within 14 days after EIG increased its stake in Euroins to over 90% of the voting rights on March 31. EIG owns between 98% and 100% of the capital of all of its other subsidiaries in Bulgaria - Euroins Life Insurance, Euroins Health Assurance and EIG Re. Euroins shares traded at 1.25 levs ($0.68/0.64 euro) as at 10:30 CET on Thursday, unchanged from the previous close, in a trading volume of 35,703 shares.
Source: Capital (07.04.2017)

Eurohold Bulgaria shareholders to vote on cap hike, bond issue Financial and insurance group Eurohold Bulgaria [BUL:4EH] said on Monday it will seek the approval of its shareholders to increase its capital by 40.3 million levs ($24.5 million/20.6 million euro) to 202 million levs and to issue a five-year 100 million euro bond. Eurohold Bulgaria plans to issue 40.3 million shares with a nominal value of 1 lev each at a price of 1.3 levs apiece, the company said in a bourse filing. The share issue will be considered successful if at least 20.2 million shares are subscribed for and fully paid for. The shareholders meeting will be held on October 2. The shareholders will also vote on a proposal to issue a five-year 100 million euro bond, which will carry an annual coupon of up to 8%. If approved, this will be the company’s second tranche of corporate notes under its 200 million euro Euro Medium Term Note (EMTN) programme, approved by the Irish central bank in November 2016. In December 2016, Eurohold Bulgaria issued 40 million euro worth of corporate notes under the EMTN programme. "The funds' purpose is to support our main sub-holding company, Euroins Insurance Group, in order to better capitalize its insurance subsidiaries in the process of adapting to Solvency II directive," Kiril Boshov, board chairman of Eurohold Bulgaria, said at the time. Euroins Insurance Group operates in seven European countries and has subsidiaries in Bulgaria, Romania, Macedonia and Ukraine. Eurohold Bulgaria's portfolio includes companies in the financial services, leasing, insurance and car sales sectors.
Source: investor.bg (29.08.2017)

Bulgarian insurer Euroins plans to delist from Sofia bourse Bulgarian insurance company Euroins [BUL:5IC] said on Monday it plans to delist from the standard segment of the Bulgarian Stock Exchange (BSE). The company will ask its shareholders to vote for delisting its shares at an extraordinary meeting to be held on October 2, Euroins said in a bourse filing. The company’s majority owner is Euroins Insurance Group, a subsidiary of holding company Eurohold Bulgaria [BUL:4EH]. Euroins has a registered capital of 16.5 million levs ($10 million/8.4 million euro) distributed in 16.5 million shares with a nominal value of 1 lev each.
Source: money.bg (29.08.2017)

Norway’s LINK Mobility completes acquisition of Bulgaria’s Voicecom Norway’s LINK Mobility Group said on Monday it has completed the acquisition of Bulgarian mobile messaging company Voicecom for 3.82 million euro ($4.5 million) on a cash-free and debt-free basis. “[…] we are witnessing that the demand for mobile messaging and mobile solutions are increasing rapidly, and we believe that the Bulgarian market will continue to grow strongly,” Arild E. Hustad, CEO of LINK, said in a statement. "Combining LINK and Voicecom’s innovative solutions should enable us to further strengthen our position in the Bulgarian market”. Due to LINK’s solid cash position after a strong cash flow from its operations and the successful placement of a 50 million euro bond in February 2016, the cash part of the transaction will be fully financed through LINK’s corporate fund and bond, the Norwegian company said. Voicecom, established in 2003, is an SMS and value added voice traffic aggregator. It held a market share of around 40% in 2016, LINK noted. LINK Mobility Group is the largest provider of mobile solutions for businesses in the Nordic market. The company employs around 100 people in Norway, Sweden, Denmark, Latvia and Estonia.
Source: money.bg (04.10.2017)

Bulgaria's Euroins said its shareholders have approved a decision to delist the insurance company from the stock exchange in Sofia. The proposal was approved at an extraordinary meeting of shareholders held on October 2. In August, the company’s majority owner Euroins Insurance Group (EIG) acquired 796,316 Euroins shares in a takeover bid priced at BGN 1.3 apiece. As at October 2, EIG held directly 15.63 million Euroins shares representing a 94.9% stake in the company. EIG is a subsidiary of holding company Eurohold Bulgaria. Euroins has a registered capital of BGN 16.5 million distributed in 16.5 million shares with a nominal value of BGN 1 each.
Source: Standart (04.10.2017)

Euroins delists from Bulgarian Stock Exchange Bulgaria’s financial regulator said it has delisted insurance company Euroins [BUL:5IC] from its register of public companies and, thus, from the Sofia bourse. Last week, the Financial Supervision Commission (FSC) said it has sent back for correction the documents submitted by Euroins related to its request to be delisted from the Bulgarian Stock Exchange. On October 2, Euroins’ shareholders approved a proposal to delist the insurance company from the stock exchange in Sofia. In August, the company’s majority owner Euroins Insurance Group (EIG) acquired 796,316 Euroins shares in a takeover bid priced at 1.3 levs ($0.78/0.66 euro) apiece. As at October 2, EIG held directly 15.63 million Euroins shares, representing a 94.9% stake in the company. EIG is a subsidiary of holding company Eurohold Bulgaria [BUL:4EH].
Source: Capital (24.10.2017)

FairPlay Properties will replace Euroins in the BGBX40 base The Bulgarian Stock Exchange (BSE - Sofia) excludes the issue of shares of Euroins AD from the BGBX40 index and adds an issue of FairPlay Properties REIT shares, the announcement was made on the website of the stock exchange operator. The row in the index relates to the write-off of the insurance company from the register of public companies led by the Financial Supervision Commission. The change in BGBX40 takes effect from October 25 (Wednesday). Since Tuesday, the trading of Euroins shares has been officially discontinued. In April Euroins Insurance Group AD increased to 90.7% its shareholding in the insurance company, announcing that it intends to write off it from the Bulgarian Stock Exchange.
Source: investor.bg (25.10.2017)

Bulgarian insurer Euroins doubles capital Bulgarian insurance company Euroins said on Tuesday it has increased its capital to 32.5 million levs ($19.6 million/16.6 million euro) from 16.5 million levs via a new share issue. Following the capital hike, Euroins fully meets the requirements of EU’s Solvency II directive, Euroins said in a statement. On Monday, Bulgaria’s Financial Supervision Commission said it has declined to send information to the Polish financial regulator about Euroins’ intention to start operations on the Polish market, as the company does not meet the minimum capital requirements. “Euroins has sent detailed information on the capital increase to the Financial Supervision Commission and is waiting for its response,” a spokesperson for the company told SeeNews. The company has issued 16 million shares with a nominal value of 1 lev each, equal to their sale price. All new shares were subscribed for by the company’s majority owner – Euroins Insurance Group (EIG). EIG is part of financial and insurance group Eurohold Bulgaria [BUL:4EH]. In October, Euroins delisted from the Bulgarian Stock Excahnge.
Source: Capital (13.12.2017)