A year ago, the rating agency upgraded the company's rating from 'B+' to 'BB-' with a stable outlook. Now the outlook is positive, which reflects the increasing capital stability and improving practices in the formation of the company's reserves, as well as the leading position of the insurer on the Bulgarian market.
The improved outlook follows the restructuring process at the group level in the second half of 2026, when the ownership of Euroins was transferred from Eurohold Bulgaria AD to the majority shareholder of the holding - Starcom Holding AD. The public holding, in turn, acquired the renewable energy production and storage business of Solars Energy AD from Starcom and became a fully energy holding.
The main highlights of Fitch's report on the upgraded outlook:
● Improved operating results and profitability: Operating results continue to improve in the first half of 2026 with a combined ratio of 91% (according to Fitch calculations) after reporting a net profit of EUR 9.61 million for 2025 (compared to EUR 2.86 million for 2024).
● Higher capital base: Equity increases to EUR 117.6 million at the end of 2025 following an increase in share capital, and the coverage of the solvency capital requirement (SCR) was 141% at the end of 2025 and 129% as of the first half of 2026.
● Increased reserve adequacy: The dynamics of reserves is positively influenced by the insurer's strategic focus on profitability and more efficient practices for the formation of technical reserves, with no negative changes in reserves recorded at the overall portfolio level in recent years.
Euroins Insurance Company AD is the largest insurer by revenue inBulgaria with over 14% market share. The company also operates in Greece (through a branch), Poland, Spain, Italy, Germany, Romania and France. The company has been on the market for 28 years and offers a full range of insurance products - over 60 products in all types of insurance (18 classes) in the general insurance segment. Euroins is a leader in travel insurance on the Bulgarian market.
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