Following due diligence, in October 2021 the EBRD invested in Euroins Insurance Group from Bulgaria (EIG), the parent company of Euroins Romania Asigurare-Reasigurare SA (EIRO). As a shareholder, the EBRD aims to improve the company’s operations in Romania.

The EBRD took note of the ASF’s announcement of the withdrawal of the Euroins license after the ASF published a report confirming a capital shortfall of more than €400 million.

As a result, the EIG Board, with the support of the EBRD, commissioned an independent actuarial review of EIRO by a world-leading actuarial expert. The analysis does not provide arguments for revising the EBRD’s opinion about the stable financial condition of Euroins at the time of license withdrawal.

The EBRD supports finding a solution at no additional cost to policyholders or taxpayers and has submitted a resolution proposal to the ASF, with discussions ongoing between the EBRD, EIG and the ASF.

Euroins Insurance Group (EIG) remains one of the largest independent insurance groups in the Central and South Eastern Europe region, leading in Bulgaria, Romania, North Macedonia and with a strong presence in countries such as Poland, Greece, Ukraine and Georgia. The EBRD will continue to work with EIG management and other stakeholders to find a viable solution in Romania for the benefit of the company, Romanians and the insurance market in Romania, the release also said.