VIG: The policy of merger of its own companies continues in Bulgaria
After Romania, Poland and Georgia, VIG also announces the consolidation of its presence on the Bulgarian insurance market, through the merger of two companies specialized on the non-life segment: BULSTRAD (2nd place in the market at the end of 1H/2011) and BULGARSKI IMOTI (10th place).
According to the press release issued by VIG, the merger is expected to be completed in the first half of 2012, and the services of the resulting company will be provided under the BULSTRAD brand.
BULSTRAD registered in the first half of this year a volume of gross written premiums of EUR 43.3 million, equivalent to a 10.4% market share. The company's portfolio is diversified, motor insurance generating 65% of all businesses, property - 16.5%, civil liability - about 6%.
On the other hand, BULGARSKI IMOTI is the "motor insurer", the company's portfolio being comprised of 81% - MTPL, and 15% - Motor Hull insurance.
On the insurance market in Bulgaria, VIENNA Insurance Group is also present on the life segment, through the company BULSTRAD Life, 4th place in the market at June 30th, 2011.
The complete figures of the Bulgarian insurance market can be read here.
