Bulgaria's Euroins buys C.Agricole's Greek insurance business

EuroHold Bulgaria AD

20/07/2015 09:30

SOFIA, July 20 (Reuters) - Bulgarian insurer Euroins 
 5IC.BB  said on Monday it has agreed to buy the Greek insurance 
operations of France's Credit Agricole  CAGR.PA  for an 
undisclosed sum, expanding its push across eastern and southeast 
Europe. 
    Part of Eurohold Bulgaria  4EH.BB , Euroins expects the deal 
for Greece's Credit Agricole Life, whose financial assets exceed 
500 million euros ($542.85 million) to close by the end of 2015 
following regulatory approvals. 
    "We took advantage of the uncertain economic situation in 
Greece and the withdrawal of major European financial groups 
from the market by acquiring a company with a well-developed 
business under favourable conditions for us," Eurohold Bulgaria 
Chairman Asen Hristov said in a statement.  
    Euroins, which operates in seven eastern European markets, 
has acquired Germany's Talanx Group's  TLXGn.DE  subsidiaries in 
Bulgaria and Ukraine, Dutch insurer Achmea's insurance business 
in Bulgaria as well as Australian group QBE's  QBE.AX  
operations in Romania and Bulgaria in the last two years. 
    ($1 = 0.9211 euros) 
 
 (Reporting by Angel Krasimirov; editing by Jason Neely) 
 ((angel.krasimirov@thomsonreuters.com; +359 887 988 196; 
Reuters Messaging: Reuters Messaging: 
angel.krasimirov.thomsonreuters.com@reuters.net)) 
 
Keywords: CREDIT AGRICOLE EQUITY/GREECE