Euroins Insurance Group AD (EIG), part of Eurohold Bulgaria, is taking over four Ergo insurance companies in Romania, the Czech Republic and Belarus. The deal, which includes Ergo’s life and non-life subsidiaries in Romania and the Czech Republic as well as its non-life subsidiary in Belarus, still needs approval from state regulators. While the purchase price was not disclosed, the four companies EIG is taking over reported €72m in total income in 2017.
“The acquisition of Ergo’s subsidiaries in Romania, the Czech Republic and Belarus perfectly suits our strategy to expand our presence in the CEE and CIS insurance markets, which provide huge potential for growth, and at the same time to diversify our product portfolio,” said Jeroen van Leeuwen, COO of EIG. “With this acquisition we are building up our partnership with Ergo that gives us the opportunity not only to acquire portfolios of an industry leader but also gain valuable know-how and experience.”
