RM-SYSTÉM»Události»Vienna Insurance Group in Bulgaria: Merger of Bulstrad and Bulgarski Imoti

Vienna Insurance Group in Bulgaria: Merger of Bulstrad and Bulgarski Imoti

10.10.2011 11:59
The Vienna Insurance Group will strengthen its market presence in Bulgaria and consequently make better use of synergies. The plan is to merge the two non-life insurance companies Bulstrad and Bulgarski Imoti into a powerful company. In future, the Vienna Insurance Group will offer its services under the Bulstrad brand as the leading non-life insurance company in Bulgaria – subject to official approval being granted. The merger is expected to be completed during the first half of 2012.

"By merging the two property insurance companies, the Vienna Insurance Group will achieve a integrated and clear presence in the Bulgarian market. This will increase our efficiency and make use of earnings-based synergies. The leading position will also be further strengthened by pooling sales functions. In this process, efforts will be focused on providing the best possible service for our customers," commented Günter Geyer, CEO of the Vienna Insurance Group.


The Vienna Insurance Group in Bulgaria
Bulgaria is one of the Vienna Insurance Group's strategic core markets in Central and Eastern Europe. The Vienna Insurance Group with its Group companies is number one in the Bulgarian insurance market with a 15.4 percent market share in the first half of 2011.

In the non-life insurance sector the two companies, combined, are at the top of this market segment with a market share of 16.3 percent. During the first half of 2011, Bulstrad achieved premiums of around EUR 43.3 million, Bulgarski Imoti achieved premiums of more than EUR 14.1 million.

The Group is also active on the life insurance market with Bulstrad Life and occupies 4th position in the market with a share of 10.5 percent.

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