BULGARIA's FSC approved the merger of two EUROINS Insurance Group units

EUROINS Insurance Group (EIG) said in a statement that the Financial Supervision Commission (FSC) approved the merger of EUROINS Health Assurance, the Group's health insurance subsidiary, into EIG Re - formerly HDI Zastrahovane.  

"EIG adopted a decision to merge EUROINS Health Assurance into EIG Re in line with the measures to optimize and restructure the insurance holding's business in Bulgaria in order to increase the capital and the solvency of the Group", the EIG representatives pointed out in a press release.

According to the decision, EUROINS Health Assurance's property will be incorporated into the one of EIG Re. With the merger EIG Re's capital will surge by BGN 5 million exceeding BGN 16.3 million and "the merged company will generate a significant capital buffer the value of which will exceed by far the minimum legal requirements for the SCR and MCR ratios".     

After the merger EIG will operate in Bulgaria through three units: EUROINS Insurance, EUROINS Life Insurance and EIG Re - which will offer the full spectrum of insurance and reinsurance products.

At the same time, the business with the health insurance policies will be developed by the specialised non-life insurer EUROINS Insurance.

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