site.btaBulgarian Financial Regulator Says Delicensing of Euroins Romania Won't Affect Bulgarian Clients of Euroins Insurance Group
The Financial Supervision Commission (FSC) said Friday that Euroins Romania (Euroins Romania Asigurare-Reasigurare S.A.) does not have an insurance business business in Bulgaria. The announcement comes shortly after it transpired that Euroins Romania had been delicensed by the Romanian insurance authorities.
Euroins Romania is part of the Euroins Insurance Group (EIG) which is one of the largest insurance groups in the region and is owned by Eurohold Bulgaria. Eurohold Bulgaria is a leading energy and financial group operating in Central, Eastern and Southeastern Europe. It is listed on the Bulgarian and Warsaw Stock Exchange. In a Bulgarian National Television interview in February 2023, Eurohold Bulgaria Supervisory Board Chair Asen Christov said that they are the largest holding in terms of revenues and volumes in Bulgaria, and operate in 12 countries with a turnover of over EUR 2.5 billion.
The decision of the Romanian supervisory authority does not affect the clients of the Bulgarian insurance companies of Euroins Insurance Group AD. As a result of the supervision carried out by the FSC, no solvency problems have been identified either for the individual companies of Euroins Insurance Group AD or for the group as a whole, the statement said.
Euroins Romania was delicensed after the regulator identified signs of insolvency, according to a press release of the authorities quoted by Agerpres.
The regulator has also decided to appoint the Insurance Guarantee Fund (FGA) as interim administrator of the company.
On the Bulgarian stock exchange, shares of Eurohold Bulgaria, which owns Euroins and its Romanian unit, fell in morning trade by 3.05% to BGN 1.59.