Bulgaria's EIG agrees to buy four units of Germany's ERGO

Bulgaria's Euroins Insurance Group (EIG), part of diversified group Eurohold Bulgaria, said that it has agreed to acquire four units of Germany's ERGO based in three European countries.

ЕIG will acquire ERGO’s life and non-life subsidiaries in Romania and the Czech Republic, as well as a non-life insurer in Belarus, EIG said in a statement.

"The acquisition of ERGO's subsidiaries in Romania, the Czech Republic and Belarus perfectly suits our strategy to expand our presence in the CEE and CIS markets, which provide huge potential for growth, and at the same time to diversify our product portfolio," Jeroen van Leeuwen, Chief Operating Officer of EIG, was quoted as saying in the statement.

The four companies' combined premium income amounted to 72 million euro ($81.4 million) in 2017, according to EIG.

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The deal is subject to regulatory approval.

Last year, EIG acquired the travel insurance business of ERGO in Ukraine - ERV Ukraine.

EIG operates in nine European countries and owns insurance subsidiaries in Bulgaria, Romania, North Macedonia, Ukraine and Georgia.