ONE MORE INSURANCE COMPANY IN BULGARIA RECEIVED A LICENCE
The newly licenced insurance company in Bulgaria is Hannover Coop Bulgaria JSC. On November 20 the National Insurance Council (NIC) licenced the company for developing insurance business in Bulgaria. Thus insurance companies in Bulgaria are already thirty two. Twenty of them are general insurance companies. So is the newly licenced company Hannover Coop Bulgaria.
The Insurance Supervision Board informed that the company was authorised to sell nine of the legalised eighteen insurance services. The scope of offered products will soon be extended, said representatives of the company to the Banker weekly.
On November 22 Hannover Coop Bulgaria was officially awarded its licence, and within a week it will get its court registration as well. According to Bulgarian representatives of the newly licenced company, its owners will visit Bulgaria soon after the legal formalities completion.
Holder of the majority stake of shares at the Hannover Coop Bulgaria is the Dutch financial group HDI, while the remaining 4.99% of the shares belong to the Central Cooperative Union. The Dutch group owns 75% of Hannover Re, the German re-insurance giant. Hannover Re is fifth in Europe. For the first six months of 2000 its investments amounted to EUR444MN, and its net profit after taxation - to EUR103MN.