The funds will be used to finance the growth and development of the Bulgarian insurer in key CEE markets
Euroins Insurance Company JSC (Euroins Bulgaria), one of the leading Bulgarian insurers in Eastern Europe, part of Euroins Insurance Group AD (EIG) and Eurohold, the largest Bulgarian publicly-listed holding, is in the process of increasing its capital through the issuance of 25 million new shares at a price of BGN 4 per share and each with a par value of BGN 1, which will raise a total of BGN 100 million (EUR 51.1 million) of its own funds.
The funds will be used to finance the development and organic growth of the Bulgarian insurer in its key markets in Central and Southeastern Europe (CESEE), including Poland, where the company is accumulating solid growth, and Greece. Euroins will further improve its solvency as well and support the ongoing digital transformation of the business. “The capital increase follows our strategy of sustainable and stable development and will provide us with the opportunity to further strengthen our position in the markets in which we operate and in which the demand for insurance services is growing along with the expectations for higher quality,” said Joanna Tsoneva, Chairman of Euroins Bulgaria’s Board.
Apart from Bulgaria, Euroins operates in accordance with the European directive to provide services under the freedom of establishment (FoE) - in Greece, as well as under the European directive on the freedom to provide services (FoS) in Poland, Spain, Germany, Italy and Romania. Additionally, EIG operates through its subsidiaries in North Macedonia, Ukraine and Georgia.
In the first nine months of 2024, Euroins’ premium income accounted to BGN 326 million (EUR 166.7 million), up by 7% compared to the same period of the previous year. For the same period, Eurohold booked nearly BGN 2 billion in revenue (EUR 1.02 billion) and BGN 240 million (EUR 122.7 million) in earnings before interest, depreciation, amortization and taxes (EBITDA), up by 5 percent and 37 percent, respectively, compared to the first nine months of 2023.
Euroins Bulgaria JSC
Euroins Insurance Company JSC (Euroins Bulgaria) is among the leading companies in the sector in Bulgaria according to data from the Financial Supervision Commission. The company operates in Greece (through a branch), Poland, Spain, Italy, Germany and Romania, offering the full range of insurance products, and is a leader in travel insurance in the Bulgarian market. Euroins Bulgaria is part of Euroins Insurance Group AD (EIG), one of the leading insurance groups in Central, Eastern and Southeastern Europe (CESEE). Eurohold Bulgaria, a leading energy and financial group in CESEE, is the majority shareholder of EIG. The European Bank for Reconstruction and Development (EBRD) is a minority shareholder of EIG owning 8% of the capital.www.euroins.bg
Eurohold Bulgaria AD
Eurohold Bulgaria AD is a leading energy and financial group operating in Central, Eastern and Southeastern Europe. It is listed on the Bulgarian and Warsaw Stock Exchange. Eurohold owns Euroins Insurance Group AD (EIG), one of the leading insurance groups in the region. EIG provides a full range of insurance products, serves over 2 million customers in 11 countries and has over 2000 employees. Eurohold is owner of Electrohold, a leading energy group in Bulgaria that owns the largest power distributor, supplier and trader in the country, has 3000 employees and serves more than 3 million consumers. www.eurohold.bg