Insurance company Euroins Romania has completed the second phase of capital increase scheduled for 2014 which totaled, in two installments, 20 million euros, the company has announced.
‘As a result of this operation, the total share capital of Euroins Romania exceeds the amount of 220 million lei. The latest capital increase took place in June, with the amount of 50 million lei,’ a company’s release informs.
This 9th capital increase performed since Euroins Insurance Group (EIG) took over Euroins Romania in 2007 takes the total value of the investments in its subsidiary in Romania to almost 70 million euros, placing the financial group from Bulgaria among the top 5 biggest investors on the Romanian insurance market.
EIG is one of the largest insurance groups in Central and Eastern Europe, present in four countries, with over 1,500 employees and more than one million customers. EIG took over in 2013 the insurance portfolio of QBE Bulgaria and Romania, from Interamerican Bulgaria respectively, in two transactions with a total value that exceeded 20 million euros, thus having continued the trend of regional consolidation.
The ordinary meeting of the Board of Euroins Romania and Euroins Insurance Group (EIG), convened on February 25, 2014 in Bucharest, decided to increase share capital by 100 million lei.
In August 2013, the Financial Supervisory Authority /ASF/ banned Euroins Romania from selling mandatory car insurance, and lifted the ban in September 2013, after the insurer corrected some issues that had triggered the ASF decision and presented a plan of actions to fix the situation.