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EUROHOLD BULGARIA AD (36/2017) Euroins Romania got regulatory approval to acquire the non-life portfolio of ATE Insurance

Podstawa prawna: Euroins Romania got regulatory approval to acquire the non-life portfolio of ATE Insurance

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    5th July , 201 7
    News Release
    Euroins Romania got regulatory approval to acquire the non -life
    portfolio of ATE Insurance
    Euroins Romania Insurance -Reinsurance SA, part of Euroins Insurance Group EAD
    (EIG) , a leading independent insurance group in Southeast Europe, will acquire the
    non -life insurance portfolio of ATE Insurance Romania S.A., a subsidiary of Piraeus
    Bank , the leading banking institution in Greece , after Romania's financial authority ASF
    approved the transfer on July 4 th 2017. The two sides rea ched an agreement on the
    deal on January 19 th, 2017.
    “Acquisitions are part of EIG's strategy. The group acquired businesses in the region in
    the past years and will continue to look for more opportunities on the markets where it
    is present as well as ne w ones in the region ”, commented Mihnea Tobescu, CEO of
    Euroins Romania Insurance -Reinsurance SA.
    In 2016 Euroins Romania's gross written premiums (GWP) grew 22% y -o-y to almost
    EUR 200 million and the company posted a EUR 6.5 million profit before tax. Eu roins
    Romania's combined ratio value declined to 92% at the end of last year which is quite
    below the average level in the Romanian insurance sector (100%). The Romanian
    subsidiary of EIG reported in the first quarter of 2017 a nearly 47% rise y -o-y in GWP to
    EUR 67 million.

    Euroins Romania and Euroins Insurance Group
    Euroins Romania is one of the leading insurance companies on the Romanian market. The
    company is part of Euroins Insurance Group (EIG) , one of the largest independent insurance
    groups operat ing in the CEE and SEE insurance markets . EIG operates in seven European
    countries and owns insurance subsidiaries in four of them – Bulgaria, Romania, FYROM and
    Ukraine. The insurance group has been operating in Greece since 2014. It has over 2 million
    clients, 1600 employees and annual revenues of EUR 30 0 million. EIG is a subsidiary of Eurohold
    Bulgaria – a leading Bulgarian company , listed on BSE -Sofia and WSE. Eurohold Bulgaria
    operates across the CEE and SEE, focused on non -banking financial services and asset
    management.
    www .eig .bg www.eurohold.bg


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