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.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

ON THE MOVE

Public insurers appoint Achim Bosch to reinsurer board

The supervisory bodies of Deutsche Ruckversicherung AG and the Association of German Public Insurers decided today, to appoint Achim Bosch (53) to the executive board of the two reinsurers, where he will be responsible for non-life reinsurance.

11.10.2018

TOP EVENT

HOEPKE, Munich Re: I expect at least a stable renewal round in 2019

After severe storm damage in Japan and the United States, Munich Re is looking with a little more optimism to the next renewal season. "I expect at least a stable renewal round in 2019," Board member Doris HOEPKE said in Baden-Baden. Until recently the reinsurer's expectations were leaning towards a stagnant season.

22.10.2018

photodune-3834701-laughing-girl-xs

Five new XPRIMM insurance reports on the Baden Baden stands

Five new titles are available this year on the XPRIMM Baden-Baden press stands opened in the Kurhaus Casino and in Baden Baden main locations, presenting the latest statistical data and comprehensive analysis for the CEE, SEE and CIS insurance markets.

21.10.2018

See all