BULGARIAN ESTATES INSURERS RAISED THEIR CAPITAL
At the extraordinary general meetings on March 4, 2003 of the two insurance companies (for general insurance and life insurance) with the common name Bulgarian Estates, decisions for increasing their capital by 35% were voted. Thus, the capital of the life insurance company Bulgarian Estates was raised from BGN4MN to BGN5.4MN, and that of the general insurance company went up from BGN6MN to BGN8.1MN. The change has been necessitated by the forthcoming entrance of a new shareholder in them . As the BANKER weekly has already written, the German insurer HUK-Coburg has filed documents to the Agency for Insurance Supervision as it intends to acquire more than 5% of Bulgarian Estates. In fact, after the capital raise the Germans will hold 26% of it, Ivailo Kudrev, Executive Director of the life insurance company, told the BANKER. Changes in the company's Supervisory Board were postponed for its next genera meeting in May when one more member should be appointed. Mr. Kudrev specified that when HUK-coburg acquires such a substantial share in the company, it's only natural for it to have a representative in the Supervisory Board. The life insurance company Bulgarian Estates reported record high gross premium proceeds of BGN29,891,000 for 2002, up 338% from end-2001. Thus, the company headed by Mr. Kudrev jumped from the 7th to the 2nd position in the ranking of life insurers during the last quarter of 2002. Premiums from general insurance exceeded BGN9MN, up from BGN8.2MN in end-2001.