Bulgaria’s Euroins Insurance Group Acquired a Georgian Insurer

Bulgaria’s Euroins Insurance Group (EIG) has acquired IC Group, one of the leading insurers in Georgia. The company itself stated this on its website. EIG will own over 50% of the Georgian insurer. The new investor is expected to increase the capital of the Georgian company by about EUR 1 million, Capital reported.

In July 2018 the financial regulator in Ukraine gave a nod to EIG to acquire ERV Ukraine, the travel insurance business of Germany-based ERGO and the shares are expected to be transferred till the end of the third quarter of the year. The Group aims to expand its operations in Eastern Europe and the Commonwealth of Independent States.

In the last couple of years, the Group acquired: Germany-based Talanx Group’s subsidiaries in Bulgaria and Ukraine, Dutch insurer Achmea’s insurance business in Bulgaria, as well as Australian group QBE’s operations in Romania and Bulgaria. The company also acquired a significant share in the Russian insurance company RWC "Euroins".

Petya Petrova

Petya Petrova is a journalist, believer, and traveler.

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