Bulgaria should appoint a new chairman of the financial regulator by the end of July as the term of the current head has expired, the country's finance minister said on Monday.

Financial and insurance group Eurohold Bulgaria [BUL:4EH] said it turned to a consolidated net profit of 21,000 levs ($11,900/ 10,700 euro) in the first three months of the year, from a consolidated net loss of 5.5 million levs in the same period last year.

In connection with the decision of the Greek Central Bank, which does not approve the acquisition of the life insurance company of CREDIT AGRICOLE Life by EUROINS Insurance Group (EIG), the Bulgarian insurer decided to continue to grow its business in Greece by opening its own branch in the country, as the company announced on its website.

Bulgaria-based Euroins Insurance Group (EIG), a subsidiary of Eurohold Bulgaria [BUL:4EH], is looking for acquisitions in key central European markets, like the Czech Republic and Poland, as part of its strategy to become a leading insurer in eastern Europe, Asen Christov, Eurohold Bulgaria's chairman said on Monday.

Medical insurance company ZAD Bulgaria has signed a partnership agreement with UK-based medical insurer AXA PPP Healthcare to create a new private healthcare insurance product, ZAD Bulgaria's CEO said.

Bulgaria-based Euroins Insurance Group (EIG), a subsidiary of Eurohold Bulgaria [BUL:4EH], said on Wednesday it plans to open a branch in Greece and grow organically in the neighbouring country, after the Greek central bank rejected its application to buy the local life insurance operations of France's Credit Agricole.

The Bulgarian insurance market closed the financial year 2015 with a 10.6% y-o-y growth in GWP, to BGN 1.96 billion (EUR 1.00 billion), according to the preliminary data published by the Financial Supervisory Commision. Paid claims amounted to BGN 1.03 billion (EUR 525.41 million), or 6.46% more y-o-y, while the whole market's net profit reached BGN 83.76 million, or EUR 42.82 million vs. EUR 23.58 million a year before.

Bulgarian Generali Life Insurance, a unit of global insurer Generali, transferred all of its portfolio to local life insurance firm Saglasie, parent company Generali Bulgaria Holding said. The transaction did not include combined health insurance contracts with risk coverage and savings clauses, Generali Bulgaria Holding said in a press release.

The premium income of Bulgarian insurer Euroins rose by 19.3% to 3.9 million euro in January, its parent company, Eurohold Bulgaria, said.

Financial and insurance group Eurohold Bulgaria turned to a non-cons after-tax loss of 4.03 million levs (2.06 million euro) in 2015, from an after-tax profit of 1.6 million levs in 2014. In 2015 non-consolidated operating revenue decreased to 2.7 million levs from 7.8 million levs a year earlier, Eurohold Bulgaria said in a bourse filing on Tuesday.

The Bulgarian unit of Assicurazioni GENERALI has finalized the acquisition of local non-life insurer VICTORIA Insurance. After the merger's completition, the new entity will continue to serve clients under the GENERALI brand. The two insurers have mentioned in a common statement that all contracts already concluded with VICTORIA will remain effective under the same terms.

Bulgarian EUROINS INSURANCE GROUP (EIG) announced at the end of December 2015 it raised its capital by EUR 82.14 million in line with a decision of its shareholders for a capital increase of EUR 100 million through a new shares issue aimed to support its subsidiaries and finance its expansion.

The shareholders of Eurohold Bulgaria approved a proposal to issue up to 100 million euro ($106.2 million) in bonds to finance the operations of its insurance subholding company Euroins Insurance Group, including the acquisition of Greek life insurance company Credit Agricole Life, Eurohold Bulgaria said on Monday.

The insurance holding EUROINS INSURANCE GROUP registered a 43% growth of premiums (GWP) for November amounted to EUR 18.1 mm compared to EUR 12.6 mm for the same month of 2014. For the first eleven months of 2015 the GWP of EUROINS INSURANCE GROUP registered 47.7% growth amounted to EUR 206.6 mm compared to EUR 139.8 mm for the same period in 2014, according to preliminary data. The growth in the MTPL Lob of Euroins Romania is largely due to the significant price increases, following also the general market trends. Along with this, any increase in the number of policies sold is supported by detailed segmentation aiming at maximum risk reduction. 

On December 10th, 2015, Svetla NESTOROVA, CEO and Chairperson of the Managing Board of BULSTRAD Life Vienna Insurance Group (VIG) was elected as Chairperson of the Managing Board of the Association of the Bulgarian Insurers (ABZ) for the next two years mandate. As a premiere for the Bulgarian insurance market, for the first time in its history, a CEO of a life-insurance company chairs the Association.

Bulgarian insurer Bulstrad Vienna Insurance Group said on Wednesday it acquired full control over its subsidiary Bulstrad Life Vienna Insurance Group after buying the remaining 2.94% stake in the company it did not own.

As the sole shareholder of EUROLEASE GROUP EAD,  the Management Board of Eurohold BULGARIA AD at its meeting held on 9th of December 2015, voted for capital increase of the leasing group from BGN 26,741,488 (twenty-six million seven hundred forty one thousand four hundred eighty-eight) to BGN 27,241,488 (twenty seven million two hundred forty one thousand four hundred eighty-eight) through the issuance of 500,000 (five hundred thousand) new shares, registered, underprivileged shares with voting rights with a nominal value of 1 (one) lev each one.

Bulgarian parliamentary committee on economic policy and tourism decided that insurances policies in Bulgaria could be contracted electronically, the Bulgarian National Radio (BNR) reported. The text was adopted within the amendments to the Insurance Code, which the parliament is expected to examine this week.

In 3Q2015, the Bulgarian insurance market increased by 9.7% to EUR 722.5 million, statistical data published by the FSC - Financial Supervision Commission indicates. Life insurance market totaled EUR 152.5 million or 22% more y-o-y due the increases reported on traditional (by 17%) and unit-linked (by more than 113%) segments, while the non-life insurance sector generated about 80% of the total insurance market, the equivalent of EUR 570 million (up by 6.8% compared to 3Q2014 figures).

The premium income of Bulgarian insurer Euroins rose by 51.6% to 48.9 million euro in the first ten months of 2015, its parent company, Eurohold Bulgaria, said on Tuesday. In October alone, Euroins's total premium income rose by an annual 122.7% to 5.1 million euro, Eurohold Bulgaria said in a bourse filing.