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10
January 2023
New upgrade of Euroins Insurance Group (parent company of Euroins Greece) by FITCH
News
Athens, 10 January 2023 - For the second time in less than six months, FITCH has upgraded the credibility of Euroins Insurance Group, which also owns Euroins Greece.
The leading rating agency Fitch Ratings upgraded to "stable" the prospects of Euroins Insurance Group (EIG), the Insurance division of Eurohold Group, the largest holding Group in Bulgaria.
Fitch assessed the financial strength of Euroins Insurance Group (EIG) with B+, while changing its outlook to "stable".
The new stable outlook reflects not only the growth of reserves but also the expectation of improvement in the evaluation of the Group's specific business model.
As Fitch says in its report, EIG’s reserve adequacy has improved in the first half of 2022 while expecting a new increase with the close of 2022.
Fitch also considered the cooperation with the European Bank for Reconstruction and Development (EBRD) which acquired a minority stake in Euroins Insurance Group (EIG), investing 42 million euros in the capital increase for the further development of the Insurance Group.
Just last June, Fitch upgraded from "negative" to "stable" the outlook for the long-term credit rating of Eurohold Bulgaria, the majority owner of Euroins Insurance Group (EIG), while maintaining its "B" rating.
The new perspectives to which FITCH refers, concern the purchase of the assets of the CEZ Group in Bulgaria.
With the acquisition of the CEZ Group (a leading electricity provider in Bulgaria), Eurohold focused its core activities to energy and insurance after de-investing from leasing and selling cars.