Vienna Insurance Group merges Bulgarian non-life units

The merger was finalized on November 13, Vienna Insurance Group said in a bourse filing on Wednesday.

The Austrian company also said that Bulstrad Vienna Insurance Group has increased its capital by issuing 3,147,458 new shares, with a nominal value of 10 levs ($6.5/5.1 euro) each.

Bulstrad Vienna Insurance Group and Bulgarski Imoti had a combined market share of 14.3% at the end of August, according to Bulgaria’s financial regulator,

Bulgaria is one of Vienna Insurance Group's strategic core markets in Central and Eastern Europe. The group is also active on the life insurance market in Bulgaria with Bulstrad Life.

(1 euro = 1.95583 Bulgarian levs)