GEORGIA: IC Groups officially becomes part of Bulgarian EUROINS Insurance Group

As already stated (link la,12,47-12012.htm) in September by EUROINS Insurance Group (EIG), Georgian insurer IC Group has become a member of the Bulgaria based group. EIG owns over 51% of the Georgian insurer.

On October 23, Assen Milkov CHRISTOV, the Chairman of the Supervisory Board of EUROINS GROUP, Kiril Ivanov BOSHOV, CEO, Vasil Stefanov, Mergers and Acquisions Director, and Willem Jacob WESTERLAKEN, member of the Supervisory Board of IC group visited Georgia to take part in the special meeting of shareholders.

IC group will now operate under the name of EUROINS Georgia and will fully implement the practices of European Insurers, international experience and up-to-date European insurance system, which will be adapted to the local market. The company's rebranding process will be finished until the New Year, when the comp[any will display a new logo.

Acquisition of the Georgian insurance company falls within the EUROINS GROUP development strategy, that is aimed at the growth of the existing portfolio of IC group and diversifying the property, liability and motor products. Special attention shall also be paid to health, agricultural, real estate and cyber insurance products, as well as to the development of innovative and non-standard products.

"Georgia is a country of old traditions and cultural heritage, located at the strategic regional and global crossroads. In IC group we found a reliable partner, with the professional team and many years' experience and ability to achieve our ambitious goals in the region. Our purpose is to develop insurance and insurance products in Georgia through providing high quality services, and achieving customers' satisfaction and high reliability," - said Georgi MARKOV, deputy CEO of EUROINS.

About EUROINS Insurance Group

EUROINS Insurance Group (EIG) is one of the largest independent insurance groups operating in the CEE and SEE insurance markets. The company is focused on providing a full range of insurance products in the areas of general, health and life insurance. Bulgaria-based group operates in 8 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 2.5 million clients and 1600 employees. Annual turnover of the group is about half a billion EUR.

In 2017, the international credit rating agency Fitch assigned EUROINS Romania, the largest company within EIG, an insurer financial strength (IFS) rating of 'BB-' with stable outlook. 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.

About IC Group Insurance Company

IC group was founded on November 10, 2005 and since then has been providing a full range of insurance services to the local market. The Company is actively involved in the development of legislative regulations of the insurance industry, being a member of the Chamber of Commerce (France, Georgia), Georgian Business Association and Georgian Insurance Association.

Currently the Company employs up to 100 highly qualified personnel, with some of them having over 20 years' experience in insurance industry. IC group is socially responsible company, respecting traditions and business ethics.

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