September 17 (SeeNews) - Bulgaria's Financial Supervision Commission (FSC) said that it gave the green light to local Bulstrad - Vienna Insurance Group (Bulstrad VIG) to absorb its sister company Nova Ins as part of a restructuring process.
The regulator did not provide further details in a statement published on Thursday.
Bulstrad VIG and Nova Ins are both units of Austria's Vienna Insurance Group.
The Austrian group is active on the Bulgarian insurance market through Bulstrad non-life insurer, Bulstrad Life and Nova Ins non-life. It also holds a stake in Doverie, the largest Bulgarian pension assurance company.
Last month, VIG said that it turned a net profit of 12.7 million euro ($15.0 million) from operations in Bulgaria in the first half of 2021, compared to a net loss of 50 million euro a year earlier.
($ = 0.8491 euro)
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