Bulgarian EIG decided to open its own branch in Greece

30 June 2016 —
In connection with the decision of the Greek Central Bank, which does not approve the acquisition of the life insurance company of CREDIT AGRICOLE Life by EUROINS Insurance Group (EIG), the Bulgarian insurer decided to continue to grow its business in Greece by opening its own branch in the country, as the company announced on its website.

"The decision of the Greek Central Bank with regard to the CREDIT AGRICOLE Life deal does not change our business development plans for Greece. Our business in the country is growing dynamically, and the holding is well capitalized, which will allow us to grow organically. Meanwhile we will continue to look around for strategic acquisitions that would bring us accelerated growth," said Cyril BOSHOV, CEO, EIG.

EIG operates in the Greek market through partner GLOBAL Insurance starting August 2014. In the first half of 2016, the company implemented over EUR 6 million revenues from insurance in Greece. Concerning 2016, all premium income is expected to reach EUR 15 million.

In 1Q2016, EIG increase its capital by LEV 195.6 million to LEV 483 million. The main goal of this increase was to provide support for the expansion of business in the Southeast Europe and for the activities of subsidiaries in the region.

In recent years, EIG acquired the insurance business of the German TALANX International in Bulgaria - "HDI Insurance", the Dutch ACHMEA in Bulgaria who worked with the brand "Interamerican" and QBE in Bulgaria and Romania.

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