Euroins Romania, the third local insurer by market share, has subscribed insurance premiums worth BGN 472.9 million (RON 1.12 billion), a 22 percent growth from the previous year, according to Bulgarian group Eurohold.
According to the group’s annual report, the growth is mainly due to the increase in RCA subscriptions – 21 percent, as well as accidents – 69 percent, cargo – 43 percent, civil liability – 23 percent, and goods and properties – 3 percent.
Data from the Financial Oversight Authority (ASF), Euroins Romania had a 11.82 percent share of the local general and life insurance market in the first 9 months of 2017, under City Insurance (13.37 percent) and Allianz-Tiriac Insurance (12.64 percent).
In the period mentioned above, subscriptions to general and life insurance on the local market reached RON 7.32 billion, a 6 percent growth from September 2016. In RCA (auto civil liability) subscriptions reached RON 2.96 billion, and Euroins had a 27.98 percent share, under segment leader City Insurance (30.7 percent).
Euroins was founded in 1994 under the name of Asitrans and offers general insurance only.
The Romanian insurer is controlled by Euroins Insurance Group PLC (98.5 percent), 35 individual shareholders (1.49 percent) and 4 legal entities (0.01 percent).
The company is in the process of increasing capital by RON 5.31 million, to RON 535.8 million, through cash input, as well as a first issuance of RON 51.7 million.
The operation is accompanied by the issuing of 5.31 million shares with a nominal value of RON 1, which will be subscribed at an issuing price of RON 10.75/share.
The last increase of the company’s social capital was done at the end of 2016, by RON 100 million, to RON 530.5 million, as part of the financial recovery plan approved by ASF.
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