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Report: Bulgarian insurer Euroins to launch ops in Poland

Bulgaria-based Euroins Insurance Co. plans to launch operations in Poland in the first half of 2018, SEENews reported March 15, citing Jeroen van Leeuwen, COO of the company's parent, Euroins Insurance Group AD.

Euroins will initially be present in Poland via a general representative under single passport rights, with a branch to be opened within a year from entering the Polish market. In the longer term, the Bulgarian insurer wants to set up a profitable, steadily growing business in Poland, the executive was cited as saying.

The Bulgarian Financial Supervision Commission said in February that it would notify the Polish financial regulator about Euroins' intention to launch operations in the country, after the company carried out a 16 million Bulgarian leva capital hike to meet EU Solvency II requirements.

As of March 15, US$1 was equivalent to 1.59 Bulgarian leva.