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Bulgarian regulator OKs merger of Euroins Insurance Group's local units

Bulgaria's Financial Supervision Commission approved the merger of Euroins Insurance Group AD's unit Euroins Health Assurance EAD into EIG Re EAD, also a subsidiary of EIG.

EIG Re, formerly known as HDI Zastrahovane, will be the legal successor of Euroins Health Insurance, taking over its property and insurance contracts.

EIG decided to merge the two units in order to optimize and restructure its business in Bulgaria and to increase the capital and solvency of the group. Following the integration, the capital of EIG Re will increase by 5 million Bulgarian leva to over 16.3 million leva, allowing the merged company to generate a significant capital buffer exceeding minimum regulatory requirements for solvency capital and minimum capital ratios, EIG's parent Eurohold Bulgaria AD said June 8.

After the merger, EIG will operate in Bulgaria via Euroins Insurance AD, Euroins Life Insurance EAD and EIG Re. Health insurance products will be offered by Euroins Insurance AD, specializing in general insurance.

As of June 7, US$1 was equivalent to 1.74 Bulgarian leva.