Tuesday, July 1, 2008

Global Finance acquires 20% stake in Euroins for EUR 26mn.

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Global Finance acquires 20% stake in Euroins for EUR 26mn. South Eastern Europe Fund (SEEF), part of the Greek venture capital fund Global Finance, will acquire 20% in the local Euroins Insurance Group. The stake is priced at EUR 26mn. Clobal Finance will finance the expansion of the local insurance group through acquisitions of other insurers in the region and is planning to enter the markets in Russia and Ukraine as well. Euroins Insurance Group is part of the local holding Eurohold and comprises three general insurers: the country’s eight largest Euroins Bulgaria , Euroins Romania , previously known as Asitrans Asigurari, and the recently acquired Macedonia ’s Makosped Osiguruvane later renamed to Euroins Osiguruvane; and a health insurance company – Euroins Health Insurance (former Nikolai Chudotvorets). It controls more than 300 branches in the region and services above 700,000 clients. The premium insurance revenues of the Group increased 32% to BGN 64.7mn (EUR 33mn) in Jan-May; the annual growth rate is expected to reach more than 40% to EUR 95mn. Global Finance manages assets worth more than EUR 850mn. It has set-up eight funds and has invested in above 60 companies mainly in Greece , Bulgaria and Romania .

Selling short

Securitisation is not dead

Global Finance acquires 20% stake in Euroins for EUR 26mn.

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