EIG received permission for acquisition a majority share in Makosped Osiguruvanje

August 12, 2008

Euroins Insurance Group LLC (EIG), the Eurohold Bulgaria’s subsidiary, has received permission from Ministry of finance of Republic of Macedonia (the domestic insurance regulator) for acquisition a majority share in Macedonian general insurance company Makosped Osiguruvanje. The transaction is going to be finalized next week.
Makosped Osiguruvanje is the sixth insurance company in Macedonia by market share (4.25%). It was established in 1995 and has10 regional branches. The head office of Makosped Osiguruvanje is situated in Skopje. The company offers 17 different insurance products. For 2006 the largest part in company’s portfolio are the Car insurances, followed by Property, Accident and Green card. According Makosped Osiguruvanje preliminary financial reports for 2007 the company has realized 4.6 million Euro premium income (or 27% growth towards 2006) and net profit in amount of 0.7 MM Euro.
On the Macedonian insurance market operate 12 companies, which are collected Euro 90 million premium income for 2006.
According the terms of the deal Euroins Insurance Group LLC acquires 83.25% of Makosped Osiguruvanje capital for 7.3 MM Euro. The acquisition of Makosped Osiguruvanje is the first investment of EIG in Macedonia. At the next stage is provided acquisition of leasing company which will be integrated with the insurance company analogous of successful model in Bulgaria and Romania.