Authority starts formal investigation on insurance market

Competition Authority of Albania announced today that it has opened a formal investigation over various products in the insurance market of Albania. The decission came after many reports that insurance companies had created ... More


Bulgaria pension funds invest 416 mln levs in equities

Bulgaria's private pension companies continue to increase their exposure to the local stock market with the share of assets committed to equities going from 25% by mid-year to 30% at end-September, shows data released by the ... More


Bulgaria private pension accounts reach 3.1 mln, says ins regulator

Exactly 3,133,986 Bulgarians have second and third supplementary pension plans, up 7.87% year-on-year, shows January-September data released by the nation's insurance supervisor. It should be taken into account that many ... More


French insurer Axa enters Bulgaria via Alpha Bank

Greece's Alpha Bank agreed on Monday to sell products created and underwritten by French insurance company Axa through its branches, which are also present in Romania, Bulgaria, Albania and Serbia, reports news agency Reuters. ... More


French AXA buys Greek ALPHA INSURANCE for 255 mln Euro

Alpha Bank, the leading bank of the private sector in Greece and the second largest commercial bank, announced the sale of its subsidiary Alpha Insurance to international group AXA (France) for 255 million euro. According to a ... More


UBBank insurance company shuns auto coverage

Bulgaria's financial regulator granted licences Wednesday to 2 new insurance companies incorporated jointly by United Bulgarian Bank (UBB), Greek insurer Ethniki and AIG of the U.S. The launch of the life and general ... More


TRIGLAV launches bid for KOPAONK OSIGURANJE

Slovenian insurance company Triglav has presented its offer to take over a minimum of 75.53% of the capital of Belgradés Kopaonik Osiguranje company at the price of 2,282 dinars (around 27.1 euro) per share. Triglav is ... More


EUR 3.3 Million Profit For AIG Life In 2005

The Romanian branch of life insurance company AIG Life reported a profit before tax of EUR 3.3 million. The company's turnover was of nearly EUR 30 million. AIG Life's capitals totaled circa EUR 8.3 million last year, and the ... More


Six companies bidding for insurance firm

Takovo Osiguranje insurance company confirmed yesterday that six companies - from Austria, Slovenia, the Czech Republic, Greece, and Belgium - have shown an interest in buying a majority parcel of its shares. According to VIP ... More


Bulstrad offers media liability program

Bulgarian insurance company Bulstrad has unveiled a new product on the local market, media liability insurance. Cover is provided for a good range of media perils including libel, slander, infringement of copyright or trademark, ... More


Generali to acquire insurance group Orel

Italian insurance group Generali has asked Bulgaria's anti-trust authority to approve the acquisition of a majority stake in the local Orel-G Holding. The deal would give Generali control over general insurance company Orel, ... More


Tender Sells 70 Percent Of Ardaf Shares

Tender are negotiating to sell their share package of 70.69 percent owned in Ardaf Cluj-Napoca. The company's representatives did not wish to disclose the number of potential buyers or their names. If the negotiations are not ... More


Motor insurance market in Romania expected to exceed EUR 1 bln in 2006

The Romanian motor insurance market is expected to exceed EUR 1 bln this year as compared to underwritten premiums of EUR 930 M in 2005, Allianz-Tiriac CEO Cristian Constantinescu stated yesterday. “Our estimations suggest ... More


The First American Corporation Expands Title Operations in Turkey

The First American Corporation (NYSE: FAF - News), the largest provider of business information in the United States and the leading provider of title insurance services internationally, today announced the formation of First ... More


DEMCO 11.3% EUROCONSULTANTS share

Investment group Demco, controlled by former Greek insurance magnate Dimitris Kontonimas, said yesterday it had acquired 11.3% of the listed firm Euroconsultants. Demco views Euroconsultants as "a strategic partner in the ... More


Bulgaria pension fund assets up 40% in '05

As reported by Dnevnik the net value of assets managed by Bulgaria's universal, occupational and voluntary pension insurance companies rose 40% to 1.112 bln levs by the end of 2005, according to data of the Financial Supervision ... More


First Million Dollar Round Table In Romania

Aviva was the initiator and the co-sponsor of the first MDRT (Million Dollar Round Table) conference in Romania. The main goal of this conference was to promote the MRDT concept in Romania. Another approach to insurance products ... More


Grawe Takes Over Sara Merkur

Insurance company Grawe Romania announced they were granted clearance from the Insurance Supervising Commission for the Sara Merkur merger. In January last year, Austrian company Grazer Wechselseitige Versicherung (Grawe) ... More


Possible Merger between Aviva and Prudential

Aviva submitted a written proposal to Prudential's Management Council regarding a possible merger between the two groups. Aviva decided to continue only based on recommendations made by Prudential's management council to the ... More


GreenGrass enters Romanian market

Canadian IT solution developer for the insurance industry GreenGrass Group will invest over USD 1.5M in opening a subsidiary in Romania, Company Chairman Ian Robinson said. ‘We are very interested in the Romanian ... More