EBRD invests EUR 30 million in Euroins

• EBRD acquires a minority stake in Euroins Insurance Group
• and Eurohold, the parent company of Euroins, invests 12 million euros. In total, Eurohold and EBRD increase the capital of Euroins Romania by 42 million euros
• in the last 12 months, Euroins Romania attracted capital increases of over 300 million lei
• the company is focusing on diversifying non-RCA products, intensifying digitalization and strengthening corporate governance

Bucharest, October 4, 2021 –The European Bank for Reconstruction and Development (EBRD) has signed an agreement to acquire a minority stake in Euroins Insurance Group, one of the largest independent non-life insurance groups in Central, Eastern and South-Eastern Europe.

EBRD invests 30 million euros through a new capital increase, whileEurohold, the parent company of the insurance group, provides an additional capital injection of 12 million euros.

The funds will be used for the development and growth of the largest entity within the group, Euroins Romania Asigurare Reasigurare. The funding will also support the group’s operations and growth in Georgia, Greece, North Macedonia, Poland and Ukraine.

Mark Davis, EBRD Regional Director for Romania and Bulgaria:“We are pleased to collaborate with Euroins and thus offer high-quality, complex and reliable insurance in Romania and throughout the region. We are also pleased to discuss with the Financial Supervisory Authority of Romania (ASF) the direct settlement process for the benefit of consumers and the insurance sector in Romania.”

The EBRD is working with the ASF to develop new regulations for handling compensation claims. The EBRD’s objective is to help create a fairer system for all parties involved, including customers, workshops and insurance companies, while promoting the interest of global insurers and attracting capital to the insurance industry.

“We are happy to become partners of the EBRD, one of the most important international financial institutions. The EBRD’s participation will strengthen the group’s solvency positions and support the growth of Euroins Insurance Group. The investment comes at an important moment for the largest company of the group – Euroins Romania. In the last 12 months, Euroins has attracted more than 300 million lei in successive capital increases. Thus, Euroins Romania is a stable, innovative, client-oriented and diversification company on the complex local market,” said Kiril Boshov, the president of Eurohold’s board of directors.

“This investment confirms the fact that Euroins Romania, the largest company in EIG, is developing on solid pillars, that all the changes made so far make us a strong and reliable partner – especially in the context of the last weeks and the changes taking place in local industry. This capital injection helps us continue to reposition the company, grow across all segments and innovate more. With our new mindset of repositioning in the insurance market, we will continue to invest resources, time and energy to optimize our internal structure and procedures and continue to promote the non-RCA segment of the business. The change we have proposed is neither quick nor easy, but we must maintain our direction while being open to the needs of our customers and partners.

All the support we enjoy today is yet another proof that we are one of the most important voices in the industry and motivates us to become an example of good practices,” said Tanja Blatnik, Director General of Euroins Romania.

The EBRD investment will also help Euroins create added value by improving corporate governance, digitization and product diversification, from compulsory motor insurance to health, travel, home accident, fire and property insurance.

Also recently, the EBRD co-financed Eurohold’s acquisition of CEZ Group’s business in Bulgaria.

About Euroins Insurance Group & Eurohold

Euroins Insurance Group is one of the largest independent insurance groups operating on the CESEE and FSU markets. The company offers a full range of general, health and life insurance products. The group operates in 13 European countries and has subsidiaries in Bulgaria, Romania, North Macedonia, Ukraine, Georgia, Russia and Belarus. EIG also operates in Greece and Poland and has niche insurance operations in Spain, Italy, Germany and the United Kingdom. Currently, the insurance group has more than 4 million customers and more than 3,000 employees. Eurohold is a leading financial and energy group in the CESEE / FSU region, operating in the field of electricity distribution, supply and trading, insurance, leasing, car sales, investment services and asset management. Eurohold is listed on BVS and WSE. Eurohold recently acquired the subsidiaries of the Czech energy group CEZ in Bulgaria through the company Est European European Electric Company, which now has more than 3,000 employees and provides services to almost 3 million customers.eig.bgeurohold.bg