Euroins Bulgaria further boosts its international business by expanding its operations on the Romanian market

Euroins Insurance Company AD (Euroins Bulgaria), the largest insurer in Bulgaria by gross written premium and part of Eurohold's insurance division - Euroins Insurance Group AD (EIG), continues to increase its international business by expanding its operations on the Romanian market under freedom of services (FoS). The company has been authorized to carry out insurance activities in Romania since 2007 when the Bulgarian Financial Supervision Commission had notified the competent authority in the country.  

Euroins Bulgaria has been operating successfully on the Bulgarian market for the past two decades and a half. For the last 15 years it has been scaling up its activities, through freedom of services and establishment, in other European countries as well, including Greece (through a branch), Poland, the Netherlands, Spain, Italy and Germany. The company’s portfolio includes over 70 products that cover 18 types of insurance. 

In Romania, Euroins Bulgaria will focus on providing a wide spectrum of reliable, affordable and qualitative non-MTPL insurance services for individual and corporate clients. The company's extensive portfolio of solutions include insurance for property damage and business interruption, casualty, liability, guarantee, travel and tourism, and other widely-used insurance services. Its products are available indirectly through a wide network of brokers and intermediaries. Euroins Bulgaria has also been developing a system for direct online distribution channels, having recently launched its brand new corporate website, which allows clients to get insurance and manage their insurance portfolio by themselves remotely and entirely online.    

“Increasing our activities in Romania is a logical progression of our successful international business development, and our ambition to be a leading insurer in  the region,” commented Joanna Tsoneva, chairman of Euroins Bulgaria’s board. “We are committed to providing outstanding and efficient insurance solutions to both our clients and broker partners in Romania,” added Daniela Nicolae-Pora, general manager of Phoenix MGA Services S.R.L., EIG’s unit on the Romanian market that will assist Euroins Bulgaria with local knowledge and expertise in assessing the risks to be insured.                

In 2022, Euroins Bulgaria recorded approx. EUR 232 million in gross written premium, up by 32% compared to the previous year. The result was due to the growth of business in foreign markets and the higher volume of non-motor insurance sales. The company is the best performing Bulgarian insurer in Southeast Europe, according to the annual SEE TOP 100 ranking, issued by SeeNews. Euroins Bulgaria has climbed by 4 positions in 2022 ranking and now occupies the 11th place, which is the strongest performance of a Bulgarian insurer in the list. 

In August, Fitch Ratings, one of the leading rating agencies worldwide, affirmed ‘B+’ Insurer Financial Strength Rating with stable outlook to Euroins Bulgaria. In October, the Bulgarian insurer increased its capital by BGN 15 million (EUR 7.7 million). The funds will be used to finance the development of the insurer in foreign markets. 

Along with its core activities, Euroins Bulgaria Euroins has been actively developing a program for corporate social responsibility, contributing significantly to the development of the society and the living environment in all markets, in which it operates, and supporting a number of projects and causes in the fields of sports, culture, art and charity.