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UPDATE 1 - Bulgarian insurer Euroins doubles capital

Author Mario Tanev
UPDATE 1 - Bulgarian insurer Euroins doubles capital Author: Ken Teegardin. Licence: Creative Commons.

SOFIA (Bulgaria), December 12 (SeeNews) – Bulgarian insurance company Euroins said on Tuesday it has increased its capital to 32.5 million levs ($19.6 million/16.6 million euro) from 16.5 million levs via a new share issue.

Following the capital hike, Euroins fully meets the requirements of EU’s Solvency II directive, Euroins said in a statement.

On Monday, Bulgaria’s Financial Supervision Commission said it has declined to send information to the Polish financial regulator about Euroins’ intention to start operations on the Polish market, as the company does not meet the minimum solvency capital requirements.

“Euroins has sent detailed information on the capital increase to the Financial Supervision Commission and is waiting for its response,” a spokesperson for the company told SeeNews.

The company has issued 16 million shares with a nominal value of 1 lev each, equal to their sale price.

All new shares were subscribed for by the company’s majority owner – Euroins Insurance Group (EIG). EIG is part of financial and insurance group Eurohold Bulgaria [BUL:4EH].

In October, Euroins delisted from the Bulgarian Stock Excahnge.

(1 euro = 1.95583 levs)