EnglishEuroHold Bulgaria has received clearance from the Insurance Supervisory Commission (CSA) to acquire the majority package in Asitrans Asigurari. Asitrans will increase share capital in August and be integrated into the holding by end-2007. The company will change name to EuroIns Romania, retain the CEO and make a number of changes to the Board membership.
EuroHold allocated 12.5 million EUR for over 75% in Asitrans Asigurari plus a capital increase, plus notable investments in the IT infrastructure. Asitrans concluded H1 with gross subscribed premiums of 14.5 million EUR, up by 45% year-on-year. On short-term, EuroHold will acquire an office building in Bucharest to accommodate the head offices of their insurance and leasing units, as well as those of Euro Finance, the holding"s brokerage and financial consultancy arm.
Until 2010, EuroHold plans to invest some 30 million EUR in franchised insurance, leasing and other financial services in Romania. The holding is planning to attain a market share of 3% for non-life insurance and 4% for car leasing. Euro Holding Bulgaria Inc. is the second largest holding in Bulgaria, having a current market capitalization of 180 million EUR.
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