Bulgaria Lev Ins Announces New Top Israeli Management

One of the Israeli shareholders in "Lev Ins,” Shaul Schneider (l) and the CEO, Stefan Sofiyanski. Photo by Lev Ins

Bulgaria's Insurance Company “Lev Ins” announced Thursday changes in its management with the new people beginning work after the vote of the General Assembly of the shareholders.

The new Chairman of the Managing Board is Woody Frishman and Gabriel Last becomes Deputy Chairman of the Monitoring Board. Both are prominent Israeli businessmen, but nevertheless must also be approved by the Commission for Financial Control.

The “Lev Ins” Bulgarian CEO, Stefan Sofiyanski, is going to keep his CEO post, but will no longer be Chairman of the Managing Board, while Iva Pavlova, remains the Chair of the Monitoring Board.

Last is the Chairman of the Israeli holding company Delek Group dealing with automobile business, energy, infrastructure, financial services. He has been Managing Director of the Israeli Society of Insurance Companies and of the Israeli Association of Life Insurance Companies Ltd.

Frishman also holds high-level positions in two Israeli companies - Fresh Concept Consulting and Netivey Ayalon.

Over 40% of the “Lev Ins” shares belong to Israeli investors.

“Lev Ins” became tangled in the special police operation “Octopus” after the February 10 arrest of Aleksei Petrov and 13 other individuals charged with various crimes.

On February 23, the management of the Insurance Company declared the closing of some of their offices and the seizing of company documents by the police over the probe illegal prompting the Prosecutor's office to order the reopening of the “Lev Ins” central offices in Sofia.

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