EnglishBulgarian holding Evrohold acquired the majority stake in Asitrans Asigurari and its leasing subsidiary Asitrans Leasing, according to Bulgarian press agency Novinite, quoted by NewsIn. The transaction must be approved by the Insurance Supervision Commission (CSA), according to Evrohold"s report to the Bulgarian stock exchange.
After completing the transaction, Evrohold estimates an increse in gross premiums to 66.3 million EUR by year-end. For 2008, the company expects to collect 91.83 million EUR in gross premiums.
Asitrans reported 28.4 million RON (7.47 million EUR) in gross premiums for the first quarter of the current year, recording a 14.8% increase from 24.8 million RON in the same period last year. The Romanian insurer reported losses of 450,000 RON for 2006 amid ongoing long-term investments, the acquisition of Asitrans Leasing and efforts to expand to Bulgaria and Hungary. The share capital gained 51% from 2005 to 12.1 million RON, whereas assets advanced 72% to 51 million RON. The company also reported a Y2006 market share of 1.5%.
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