Euroins Insurance Group (EIG), a leading insurance group in South-Eastern Europe, part of Eurohold Bulgaria, announced the acquisition of Ukrainian travel insurance company ERV from ERGO (Germany). The price is not disclosed, and the transaction is subject to regulatory approval. The parties have signed an agreement that provides for future cooperation, including know-how transfer and the possibility for Euroins to sell ERV-branded travel insurance in Ukraine and other countries in which it operates.
ERV is the second largest insurer in the travel segment in Ukraine with a market share of 10.7%. In 2017, the Ukrainian company generated €5 M of insurance premium revenue and had about 627,000 customers. The current owner ERGO operates in 30 countries across Europe and Asia and is part of Munich Re, one of world’s leading reinsurance companies.
EIG operates in 8 countries and serves 2.5 M customers. The group has subsidiaries in Bulgaria, Romania, Macedonia and Ukraine and is also present in Greece, Italy and Spain. Previously, EIG acquired the insurance businesses of German Talanx International in Bulgaria and Ukraine, of Dutch Achmea in Bulgaria, and of QBE in Bulgaria and Romania. In 2017, EIG bought the insurance portfolio of ATE Insurance, the Romanian subsidiary of the Greek Piraeus Bank, as well as a significant stake in the Russian insurance company ООО RSО Euroins.
