EBRD, Eurohold approve deal to acquire minority stake in Euroins Insurance Group

KYIV. Sept 13 (Interfax-Ukraine) – The European Bank for Reconstruction and Development (EBRD) and the financial and insurance holding Eurohold Bulgaria, which is represented in Ukraine by two insurance companies – Euroins Ukraine and European Travel Insurance – are actively negotiating to acquire a minority stake in the Euroins Insurance Group (EIG, Bulgaria).

As reported in a press release of Euroins Ukraine insurance company, the transaction was approved by the parties at the corporate level for further negotiations on approval, documenting and meeting the contractual conditions for the closure.

It is expected that the EBRD’s investment in EIG, which will consolidate Eurohold’s insurance operations, will amount to EUR 30 million and will be carried out through an increase in the capital of the insurance group. Eurohold will also participate in the EIG capital increase procedure, which provides for a further injection of up to EUR 12 million.

Euroins Insurance Group plans to use the raised funds for the development and growth of the largest insurance company in the group – Euroins Romania, as well as for strengthening the holding’s market positions in South-Eastern Europe.