Kiril BOSHOV, Chairman of the Management Board & Co-founder EUROHOLD, CEO, EUROINS Insurance Group
Interview hosted by Oana Maria RADU, XPRIMM Publications
Discussing about 2021:
Kiril BOSHOV: A very dynamic and very successful year. We marked 2021 with many positive events for our group, including EUROHOLD, the mother of EUROINS Insurance Group, and EUROINS Insurance Group itself. After the very challenging 2020, which we all know was extremely impacted by COVID, in 2021 let’s say that we returned the Group to the path to growth and I would mention just one figure here – we achieved more than 700 million euros in gross written premiums, which is a nearly 50% growth compared to the previous COVID year, 2020. This is a record growth since the establishment of the Group, almost 25 years ago. This year is also establishing a good foundation for 2022, to achieve more than 1 billion euros GWP . We are entering the year full of optimism in achieving our goals for 2022.
About the cooperation with EBRD
Kiril BOSHOV: The cooperation with the European Bank for Reconstruction and Development started last year, with two very important projects. The first one we closed successfully last summer, in which EBRD approved the financing of 60 million euros for the acquisition of CEZ electricity assets in Bulgaria. The transaction was successfully closed in July 2021 and so EUROHOLD, the owner of EUROINS Insurance Group, became the owner of 40% of the electricity network in Bulgaria, which is extremely important. We believe it’s a very interesting business for our Group, in the future.
Having the example of this successful transaction, we continued with EBRD on the second transaction last year, in which EBRD bought 10% from EUROINS Insurance Group, investing, in the first stage, 20 million euros and, in the second, 10 million euros. Most of the funds were used by EUROINS Insurance Group to better capitalize our Romanian operation.
In addition to this, the cooperation with EBRD we expect it to give additional important benefits for the improvement of our corporate governance. We're now building a new Board on the level of the insurance holding, where EBRD will have their representatives. So, we believe that the new Board of EUROINS Insurance Group will have a better insurance expertise. Last, but not least, EBRD is significantly investing in most of the markets we’re operating, and they have extremely deep for the different insurance challenges we are noticing in different regions, and we believe that this is an excellent fit for a better cooperation.
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