Bulgaria's EIG to acquire Ergo's Ukrainian travel insurance business

EuroHold Bulgaria AD

17/04/2018 15:24

SOFIA, April 17 (Reuters) - Bulgaria's Euroins Insurance
Group (EIG), part of Eurohold Bulgaria  4EH.BB , said on Tuesday
it is acquiring the Ukraine travel insurance business of Munich
Re's  MUVGn.DE  Ergo as it continues to expand in emerging
European markets.
    EIG did not disclose how much it would pay for ERV Ukraine
but said it expected the sale to be finalised after obtaining
regulatory approvals. 
    Sofia-based EIG operates in eight European countries,
providing services for 2.5 million customers. It has been
expanding through acquisitions in the past few years, buying the
Ukraine and Bulgarian subsidiaries of Germany's Talanx Group
 TLXGn.DE , as well as Dutch insurer Achmea's  EUREK.UL 
insurance business in Bulgaria and Australian group QBE's
 QBE.AX  operations in Romania and Bulgaria.
    ERV Ukraine is the second-largest travel insurance provider
in the ex-Soviet country with a market share of 10.7 percent.

 (Reporting by Angel Krasimirov; Editing by Susan Fenton)
 ((angel.krasimirov@thomsonreuters.com; +359 888 695 510))