OTP’s Express Life Insurance of Bulgaria agreed to sell 100% of shares to Groupama’s subsidiary in Bulgaria, strengthening Groupama’s position in the local market.
The transaction is subject to regulatory approvals and is expected to be completed in the final quarter of 2019. The merging process of the two companies is planned to be fully accomplished by September 2020.
Groupama, part of the French insurance group “Groupama Assurances Mutuelles”, has operated in the Bulgarian insurance market since 2008. By the end of 2018, Groupama Bulgaria wrote a total of EUR 5.4 million life insurance premiums and EUR 12.3 million non-life premiums, according to The Financial Supervision Commission of Bulgaria (FSC) figures.
Express Life Insurance was founded by French Societe Generale, operating under the French group’s brand, but after being acquired by Hungarian OTP in January 2019, it was renamed “Express Life Insurance”, becoming part of the OTP group…