CASTLINGS IN EUROINS APPROVED BY INSURANCE SUPERVISION DEPARTMENT
The Insurance Supervision Depratment with the Financial Supervision Commission approved in written the changes in the managerial team of the insurance company Euroins (on April 1). The BANKER weekly wrote about them in its previous issue (No 13). The highest position in the insurer's Supervisory Board was officially taken by Assen Hristov, representative of Starcom Holding - majority owner of Euroins with a 75% stake. The balance of 25% is in the hands of Eurohold. Velislav Hristov left the Supervisory Board but remained in the company. Kiril Boshov (former head of the Supervisory Board) is the new Chairman of the Management Board. The company's 2002 profit totalled BGN706,000 (10-fold that for 2001).
The market share of Euroins increased from 2.5% in 2001 to 3.7% in 2002. The company's managerial team projects to get BGN28MN in gross premium proceeds in 2003 and thus gain a 5% share of the local insurance market. For a third straight year all departments of Euroins reported an increase in their proceeds. Car insurances were up 45% from 2001. This result was mainly due to the proceeds from the Civil Liability insurance, which increased by 64 per cent. The growth of property insurances is 62%, agricultural insuances picked up 51%, and cargo incurances rose by 20 per cent. Euroins' portfolio of sales of the Green Card insurance increased by BGN1.8MN. Thus, the company rates fourth among the nine insurers who dared to take up thak business. The company paid to the budget BGN900,000 in taxes for 2002.