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Skip Navigation LinksHome :: Corporate finance :: Euroins Insurance Group buys 10% in Takovo Osiguranje.

Tuesday, September 2, 2008

Euroins Insurance Group buys 10% in Takovo Osiguranje.





Euroins Insurance Group buys 10% in Takovo Osiguranje. Euroins Insurance Group (EIG), controlled by the local holding Eurohold, has purchased a 10% stake in Serbia ’s sixth largest general insurer Takovo Osiguranje. The deal is priced at EUR 3.7mn and is financed by own resources of EIG. As recalled, EIG operated a capital hike of 25% to BGN 239.5mn (EUR 122.5mn) two months ago to back its investment programme. Takovo Osiguranje has a market capitalisation of EUR 38mn and expects premium revenues of EUR 26mn this year. Similarly to the expansion strategy in Romania and Macedonia , Eurohold plans to establish a leasing company in Serbia (expected to be launched in Q1 next year) to offer mutual leasing-insurance services to clients of Takovo Osiguranje. EIG comprises three general insurers: the country’s eight largest Euroins Bulgaria , Euroins Romania , previously known as Asitrans Asigurari, and Macedonia ’s Makosped Osiguruvane later renamed to Euroins Osiguruvane. The Group also controls Euroins Health Insurance (former Nikolai Chudotvorets). EIG vies for 4% to 5% of the general insurance market in the Balkan region.







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