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Two new insurance companies on Bulgarian market

de     HotNews.ro
Miercuri, 22 februarie 2006, 0:00


United Bulgarian Bank (UBB), member of the Greek NBG Group, will close a partnership deal with the insurance companies Ethniki Insurance Greece and AIG in order to launch two new insurance companies in Bulgaria, according to the Dvenik newspaper.

The three partners are to open a general insurance and a life insurance companies that will trade products via UBB.

'UBB has a sufficient growth potential in insurance thanks to its branch network and large client base, which would allow us to market combined products,' UBB CEO Stiliyan Vatev said recently.

Ethniki Insurance and UBB will control 30 per cent of the shares each in the two companies. The remaining 40 per cent of the life insurer goes to AIG Central Europe and American Life Insurance Company ALICO that had shares at Bulgarian Postbank until 2004.

The two Bulgarian branches of the AIG, AIG Life and AIG Bulgaria will run as independent entities.

According to a local survey, Bulgarian insurance market will expand 15 per cent more in general insurance and 27 per cent in life insurance by 2009.






















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