Банкеръ Weekly



The Privatisation Agency (PA) will ask at least USD35MN from the candidate buyers of the State Insurance Institute (DZI). The lowest selling price to which the PA would eventually agree is USD30MN. Such rumours have been circulating PA's corridors for about a dozen of days. However, these figures have not been officially confirmed yet. During the previous procedure for the purchase of the state-run insurer by a consortium, headed by TBI, a little over USD20MN was asked for 67% of DZI's capital. Presently, 80% of the state insurance company's shares have been put up for sale.According to rumours, August 1 is the consecutive deadline, set for finalizing DZI's sale which has been dragging out for two years now. The same term was mentioned in front of the media by PA's Executive Director Apostol Apostolov. This is perhaps the fourth successive speculation about the deadline for finalizing the second procedure for DZI's sale since it began, and there is no indication that it is connected with any serious commitments.Three purchase offers have been filed so far, PA sources informed. As the BANKER weekly has already written the candidate buyers are: Czech Poishtyovna (one of the biggest insurance companies in the Czech Republic), Allianz (which is bidding through the insurance company Energy), and ROSEXIMBANK, which according to financiers is in fact a mediator of the Varna-based strong-arm group TIM. The information that the Pan-european insurer Eureco has renewed its interest in DZI has not been confirmed yet. TBI, on its part, flatly denied in front of the media that it would bid again for DZI.The premium proceeds of DZI-General Insurance for the first quarter of 2002 totalled BGN14.24MN, and those of DZI-Life for the same period amounted to BGN4.53MN, the company's Executive Director Zhaneta Djambazka announecd. According to preliminary data, the premium proceeds of DZI-General Insurance amounted to BGN19MN by April, and those of the life insurance company are pre-estimated at BGN6.5MN.DZI-General Insurance got BGN400,000 less in premium proceeds than the same period of last year. This is not due to lost market positions, but to the fact that the installments under big contracts with corporate clients have been rescheduled and not remitted as a lump-sum like last year, Ms. Djambazka explained. According to her, DZI will be again the leader in the life insurance sector this year, and will be first or second in general insurance.DZI recorded a growth in life insurances in terms of forex and securities proceeds for the first three months of 2002. Premium proceeds went up by about 70% from the same period of 2001. Health care insurances increased by 27 per cent.

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