One of the leading insurance groups in the CEE region EUROINS INSURANCE GROUP (EIG), has successfully realized its capital increasing plans.
In relation to the decision for EUR 100 m capital raising taken during the General Assembly of Shareholders of EIG on 19th November, the majority shareholder of the company – EUROHOLD BULGARIA, subscribed its share from the capital increase on 29th December amounting to EUR 82.14 m new shares. The remaining EUR 17.88 m. from the emission should be subscribed by the other shareholder – the Luxemburg based BASILDON HOLDING that is part of the leading private equity fund active in the SEE region GLOBAL FINANCE. In case BASILDON HOLDING does not pay in time its share, EUROHOLD BULGARIA will subscribe the remaining shares as well until the entire voted capital raising is reached.
"The funds from the capital increase of EUROINS INSURANCE GROUP will be used to support the insurance subsidiaries of the holding as well as for financing the expansion of the group” said the CEO of EIG Kiril Boshov.
“With this respect on 29th December the insurance holding transferred funds for the capital increase of its Romanian subsidiary and fulfilled the decision of the general assembly of the company taken on 8th October” explained further Kiril Boshov.
EUROINS INSURANCE GROUP is following successfully its strategy for expanding its market presence in the South Eastern Europe through acquisitions. On 28th December the insurance holding finalized the deal for HDI Bulgaria and acquired form the German based Talanx International 94% from the share capital of the Bulgarian company. As of the end of October the market share of Euroins and HDI in Bulgarian non-life insurance market was 8.7%, and their combined assets reached nearly BGN 150 m.
EUROINS INSURANCE GROUP registered 43% growth of premiums for November amounted to EUR 18.1 m. For the first eleven months of 2015 the GWP increased by nearly 50% vs. the same period in previous year up to EUR 206.6 m.