Bulgaria's EIG agrees to buy four units of Germany's ERGO Bulgaria's Euroins Insurance Group (EIG), part of diversified group Eurohold Bulgaria [BUL:4EH], said on Thursday that it has agreed to acquire four units of Germany's ERGO based in three European countries. ÅIG will acquire ERGO’s life and non-life subsidiaries in Romania and the Czech Republic, as well as a non-life insurer in Belarus, EIG said in a statement. "The acquisition of ERGO's subsidiaries in Romania, the Czech Republic and Belarus perfectly suits our strategy to expand our presence in the CEE and CIS markets, which provide huge potential for growth, and at the same time to diversify our product portfolio," Jeroen van Leeuwen, Chief Operating Officer of EIG, was quoted as saying in the statement. The four companies' combined premium income amounted to 72 million euro ($81.4 million) in 2017, according to EIG. The deal is subject to regulatory approval. Last year, EIG acquired the travel insurance business of ERGO in Ukraine - ERV Ukraine. EIG operates in nine European countries and owns insurance subsidiaries in Bulgaria, Romania, North Macedonia, Ukraine and Georgia.
Source: Capital (08.03.2019)

Fitch places Eurohold Bulgaria, units on rating watch negative over CEZ Deal Fitch Ratings has placed Eurohold Bulgaria's Long-Term Issuer Default Rating (IDR), and the Insurer Financial Strength (IFS) ratings of three of the group's subsidiaries on rating watch negative (RWN). The RWN follows the announcement that Eurohold plans to acquire the Bulgarian assets of the Czech power utility company CEZ for EUR 335 million. The completion of the transaction is subject to approvals from Bulgaria's Commission for Protection of Competition and the Bulgarian energy regulator. The three units of Eurohold put on RWN are Insurance Company Euroins, Euroins Romania Asigurare Reasigurare and Insurance Company EIG Re.
Source: 3e-news (01.07.2019)

Eurohold submitted additional documents to the CPC for an in-depth examination of the CEZ deal In connection with the decision of the Commission for Protection of Competition (CPC) to carry out an in-depth study of the acquisition of the companies of CEZ Group in Bulgaria, Eurohold Bulgaria JSC submitted to the regulator additional documents. They provide evidence of applicable regulatory requirements and provisions in the insurance and energy markets, restrictive solvency regimes II, restrictive provisions for public companies, as well as rules regarding the control of related party transactions. Eurohold provided additional information to the CPC on the geographical scope of the studied markets, in which the holding and its subsidiaries based in Bulgaria (IC Euroins JSC and EIG RE JSC) operate, the products offered by the insurance companies, the realized premium income and their share in the total revenues of the holding, the market shares held by the companies in the various insurance segments and others.
Source: econ.bg (16.10.2019)