The Bulgarian insurer achieved 120% SCR ratio.
Euroins Insurance JSC, one of the leading insurers in Bulgaria, part of Euroins Insurance Group AD (EIG), has successfully realized its plan to hike its capital two times to 32.5 million euro and as a result the value of the company's capital indicators has surpassed by far the ones required by the Solvency II Directive.
On Oct 30th, 2017, Euroins Insurance JSC's management board decided to increase its capital from BGN 16.47 million to BGN 32.47 million via the issuance of 16 million new shares with a nominal value of BGN 1 each and issued at the same price apiece. All new shares have been subscribed and paid in by EIG, the majority shareholder of the insurer. Subsequently, EIG transferred BGN 16 million, the required amount of money necessary to pay the capital hike. The changes were entered into the country's commercial register on Dec 7th, 2017 and are expected to be signed this week.
Doubling its capital, Euroins Insurance JSC has already achieved 120% coverage of SCR ratio, the most important indicator for stability in the insurance sector. With the capital hike of Euroins Insurance JSC, EIG has also successfully finalized its plan for capitalizing all of its insurance subsidiaries in line with the requirements laid down in the Solvency II Directive.
Joanna Tzoneva, Executive Director of Euroins Insurance JSC, commented: "By doubling the capital the value of the company's SCR ratio exceeds by far the legal requirements for this indicator laid down in the euro directive. The capital hike also provides a solid foundation for a healthy and sustainable growth of our business."