Euroins Bulgaria Equity



Project number:


Business sector:

Financial institutions

Notice type:


Approval date:

08 Sep 2021



PSD disclosed:

10 Sep 2021

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

The proposed transaction is a direct equity investment in Euroins Insurance Group AD ("EIG") via participation in a share capital increase.

Project Objectives

The investment will enable EIG to strengthen its balance sheet, support future growth and scale up operations in various EBRD countries of operation.

Transition Impact

ETI score: 74

Competitive: Support EIG via a capital injection and agreed value creation initiatives such as process digitization and product diversification.

Resilient: Strengthen the resilience of a key regional CEE insurance player by supporting the company's Solvency II ratio, profitability and reinsurance program that is crucial to support future business growth.

Client Information


EIG, established in Bulgaria, acts as a holding company of the insurance division of EuroHold Bulgaria AD, providing non-life insurance products. EIG is one of the largest independent insurance groups in the CEE/SEE region - ranked second in Bulgaria with circa 12 per cent market share, third in Romania with circa 14 per cent market share, with a broad presence in other countries where the EBRD invests such as Poland, Greece, Ukraine, North Macedonia and Georgia. As of the end of 2020, the company reported premiums of EUR 467m and EUR 206.5m of equity. 

EBRD Finance Summary

EUR 30,000,000.00

Direct equity investment of up to EUR 30m.   

Total Project Cost

EUR 30,000,000.00

Direct equity investment of up to EUR 30m.   


Stabilising the insurance sector, given the recent capital and reserving shortfall faced by the industry, which in turn provide comfort to customers and suppliers.

Environmental and Social Summary

Categorised FI (ESP 2019). EIG is a new client and will be required to comply with EBRD's Performance Requirements (PRs) 2, 4 and 9; adopt and implement the EBRD's E&S Risk Management Procedures for Insurance; and submit Annual Environmental and Social Reports to the Bank. The company has completed the E&S Due Diligence Questionnaire and overall, has appropriate procedures in place to manage the proposed transaction in line with the relevant provisions of PR9.

Technical Cooperation and Grant Financing


Company Contact Information

Vasil Stefanov

Implementation summary

PSD last updated

10 Sep 2021

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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