An agreement has been reached to take full control of the Victoria insurance company, Generali announced. The deal itself has already been registered with the Central Depository.
As early as December 2013, the Italian company acquired 67% of Victoria by buying a stake in FATA Assicuraziuoni Danni, registered in Rome. "That is why the next logical step in this direction was the acquisition of the remaining 33% of the shares," commented Luciano Chirina. , part of Generali, operating in Central and Eastern Europe.
"Generali commented on the acquisition of the remaining part of the capital of ZAD Victoria, as a reflection of the company's policy to have full control over the important business units in Central and Eastern Europe.
"And Bulgaria is a place with significant growth potential. We are extremely grateful to the previous shareholder, whose support and effective interaction has played a key role in building a successful business over the years. Through ZAD Victoria and Generali Bulgaria we have two exclusive assets in this market. Together, these successful companies have a market share of nearly 9%, which puts them in sixth place on the Bulgarian insurance market, "says Charina.
ZAD Victoria is among the top 10 insurers in Bulgaria, with its premium income of EUR 34 million and a market share of 4.8% in 2013. Founded in 2002, the company offers a full range of insurance products (in the field of non-life insurance) ). In 2014 Victoria Insurance Company launched its new product - health insurance for corporate business.
In Central and Eastern Europe, Generali operates through its GPH holding company in ten countries (Czech Republic, Hungary, Poland, Slovakia, Serbia, Montenegro, Slovenia, Croatia, Romania and Bulgaria). GPH is one of the largest insurers in the region with a total premium income for 2013 of € 3.5 billion.