The European Bank for Reconstruction and Development (EBRD) said on October 5 it has signed an agreement to acquire a minority stake in Bulgaria’s Euroins Insurance Group (EIG).
“The EBRD is investing €30mn through a capital increase, while Еurohold, the insurance group’s parent company, is providing a further equity injection of up to €12mn,” the EBRD said in the statement.
The funds will be used for the development and growth of the largest insurance entity within the group, Euroins Romania Asigurare Reasigurare. It will also back the group’s operations and growth in Georgia, Greece, North Macedonia, Poland and Ukraine.
The EBRD’s investment will also help EIG improve its corporate governance, digitalisation and to diversify products from mandatory motor insurance to those covering health, accidents, fire and property.
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