Germany's Talanx Sells Bulgaria, Ukraine Subsidiaries to Bulgaria's EIG

German holding and insurance company Talanx has sold its subsidiaries in Bulgaria and Ukraine to Euroins, a Bulgarian insurance group.

The aim is to streamline the company's portfolio in Eastern Europe, German news websites report. No price tag is mentioned, though a "single-digit million deal" (in EUR) is suggested by most sources.

As of 2013 the two Talanx units, HDI Zastrahovane AD (Bulgaria) and HDI Strakhuvanya (Ukraine), had generated gross premium income of EUR 13 M and EUR 16 M respectively.

The deal requires regulatory approval from both Bulgarian and German watchdogs and is expected to be finalized sometime in Q2, 2015, Investor.bg reports.

Euroins Insurance Group employs about 1,100 people and has a market share of approximately 7% in Bulgaria, Romania and Macedonia. Since last year it has been seeking to expand on the Greek market. After Friday's deal, which allows it to set foot in Ukraine, EIG's gross premium income is now expected to reach EUR 200 M on a yearly basis.

Talanx is the third-largest insurance company in Germany and the seventh-biggest in Europe.

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