SOFIA (Bulgaria), March 15 (SeeNews) - Bulgarian insurance company Euroins, part of Euroins Insurance Group (EIG), will start operations in Poland in the first half of 2018, a senior EIG official told SeeNews on Thursday.
"Firstly, we will work with a general representative on the basis of the single passport," Jeroen van Leeuwen, chief operating officer at Euroins Insurance Group, told SeeNews in an emailed statement.
Euroins is planning to set up a branch within a year after starting operations.
"On the long term our aim is to grow steadily and establish a sound and profitable insurance business focusing on qualitative products and services to be delivered to the clients," Jeroen van Leeuwen said.
Sofia-based EIG operates in eight European countries and has subsidiaries in Bulgaria, Romania, Macedonia and Ukraine. EIG is a subsidiary of financial and insurance group Eurohold Bulgaria [BUL:4EH].
Bulgaria's financial regulator in February decided to notify the Polish financial regulator about Euroins’ intention to start operations in the country.
The regulator's decision came after Euroins carried out in late 2017 a capital increase, doubling its capital to 32.5 million levs ($19.6 million/16.6 million euro) from 16.5 million levs via a new share issue.
Prior to that, however, Bulgaria’s Financial Supervision Commission declined to send information to the Polish financial regulator about Euroins’ intention to start operations on the Polish market, saying the company did not meet the minimum solvency capital requirements.
(1 euro = 1.95583 levs)