BULGARIA: SAGLASIE to acquire TOKUDA Health Insurance

The Bulgarian FSC - Financial Supervision Commission announced it has approved the 100% takeover of TOKUDA Health Insurance by the life insurer SAGLASIE. The transaction amount is of about EUR 3 million.

Owned by the Japanese company TOKUSHUKAI, TOKUDA Health Insurance's share capital is of about EUR 2.3 million. At the same time, according to the FSC data, the health insurer reported FY2016 GWP of about EUR 1.5 million.

The life insurer SAGLASIE is owned by the Bulgarian Holding WEB FINANCE. The insurer was established in 2006 and was owned until 2011 by the Slovenian KD Group.

WEB FINANCE Holding was established in 2002. The core activity of the company is in the areas of debt acquisition and collection. Thus, the company manages large number of debts, acquired through debt portfolio acquisitions. During the past years, WEB FINANCE Holding has acquired the assets of most of the Bulgarian banks, which became insolvent during the bank crisis in 1997. Among the banks that we acquired are: FIRST PRIVATE Bank, TS Bank, INTERNATIONAL Trade and DEVELOPMENT Bank, AGRICULTURAL Credit Bank, CRYSTAL Bank, CAPITAL Bank, DOBRUJANSKA Bank.

At the same time, WEB FINANCE Holding services most of the contemporary Bulgarian banks (UNICREDIT Bulbank, EUROBANK EFG Bulgaria, DSK Bank, BULGARIAN DEVELOPMENT Bank, UNITED Bulgarian Bank and CENTRAL Cooperative Bank), facilitating their current debt collections in both the retail and company lending sectors of their business.

Starting from 2010, WEB FINANCE Holding commenced building a holding structure in the sphere of the financial services on local level in the Bulgarian market. Since then, WEB FINANCE Holding has accomplished several acquisitions:
  • Life Insurance Company SAGLASIE JSC;
  • SAGLASIE Asset Management JSC;
  • CONCORD Asset Management JSC;
  • ABC Finance JSC - a financial brokerage company;
  • SAGLASIE Ins Broker LTD;
  • SUPER BOROVETZ Property Investment JSC;
  • SUPER BOROVETS Property Fund JSC;
  • CONTROL Engineering JSC;
  • Pension Assurance Company SAGLASIE;
  • TEXIM Bank.

Related articles

Bulgarian FSC revoked the SyVZK's license

The Bulgarian Financial Supervision Commission (FSC) has revoked the licence of the life insurer SyVZK (TUMICO - Trade Union Mutual Insurance Cooperative) for carrying out insurance activity for all classes, forbidding the company to conclude any new contract for six months.

2017-12-07
photodune-3834701-laughing-girl-xs

STATISTICS: BULGARIA 1Q 2017: GWP up by 9.7%

The total GWP by Bulgarian insurers in 1Q 2017 was BGN 572 million (EUR 293 million), up by 9.7% y-o-y, according to the quarterly statistics published on the country's financial regulator website.

2017-09-14

ON THE MOVE

Zurich: leadership transition in EMEA business

Currently group CEO of AXA UK and Ireland, Amanda BLANC will also join the executive committee at ZURICH, with the handover scheduled to complete in the fourth quarter of 2018. BLANC is to succeed Gary SHAUGHNESSY as CEO of ZURICH Insurance's EMEA business.

12.04.2018

TOP EVENT

Why should you participate at FIAR 2018?

With an exclusive list of professional speakers, 7 conferences and workshops analyzing current trends and issues on the re/insurance markets, as well as hundreds of bilateral meetings and networking opportunities, FIAR 2018 represents a key event on the business agenda.

25.04.2018

What re/insurance professionals are already on FIAR 2018's list of speakers?

Specialists from ICMIF - International Cooperative Mutual Insurance Federation and PensionsEurope, representatives of national insurance associations from Austria and Turkey, as well as professionals representing SWISS Re, GEN Re and AUDATEX are just a few of the speakers who have already confirmed their presence at FIAR 2018 - The International Insurance-Reinsurance Forum.

19.04.2018

photodune-3834701-laughing-girl-xs

LIVE: Moscow, Russia: The XXII International Reinsurance Conference

The XXII International Reinsurance Conference has started today in Moscow, organized by Delovoy Format, with the support of the Russian Insurers Association. XPRIMM, the traditional Media Partner of the conference, has launched on the occasion the latest edition of its Insurance Profile Russia, providing for 2017 insurance statistical data.

11.04.2018

photodune-3834701-laughing-girl-xs

The 4th edition of the European Consumer Protection Conference: Main conclusions

The European Consumer Protection Conference, taking place on Thursday, 22 March, in Prague, brought into debate the consumer environment in the current European regulatory and economic landscape, the upcoming legislative changes that will benefit consumers and users of insurance and private pension products, as well as digitalization and the impact of technological advances in the field of financial services.

22.03.2018

See all