ARMEEC Joint-stock Insurance Company (AD)

ARMEEC Insurance Company
Sofia, 2 Stafan Karadzha Str.
tel.: (02) 811 91 00;

Rumen Georgiev
Executive Director -
Armeec Insurance Company

ARMEEC Insurance Company was set up in 1996. Its major shareholders were the Ministry of Defense (MD) and commercial enterprises from the MD system. The company obtained a license upon Permit №7/15.06.1998 by the National Council of Insurance - a structure within the Council of Ministers of the Republic of Bulgaria.

In 2002 "Himimport" AD acquired the major stake, processing 91,92% of the company's equity.

ARMEEC Insurance Company has established a branch network all over the country - their customers are serviced by 76 agencies and representative offices. The company provides a wide range of insurance products in all general insurance areas.

DZI Sole Owner Joint-stock Insurance Company (EAD)

DZI - General Insurance EAD,

DZI - Life Insurance EAD

Sofia, 3 Georgi Benkovski Str.,, tel.: 0700 16 166;

Nedyalko Chandarov
Chairperson of the Board of Directors and CEO

DZI - Joint-stock Insurance Company

The Act on Insurance Companies Nationalization and State Monopoly on Insurance was passed on 27.06.1946. In compliance thereof, all assets and liabilities of the existing shareholder and cooperative insurance companies, departmental safes, funds, bank insurance departments, etc. were taken over by the State Insurance Institute (DZI). All existing insurances and portfolios, as well as liabilities and reinsurance agreements remained in force and were transferred to DZI. Thus all active insurance enterprises were merged into a huge company. The State Insurance Surveillance Service terminated its activity as well since the insurance control functions were taken over by DZI.

DZI was established on the grounds of the above mentioned Act as an autonomous enterprise and complexly structured legal entity with registered seat in Sofia. The company functioned in this form until 1952 when its branch network started developing and the Institute's activity was gradually decentralized.

DZI was the only insurance company in Bulgaria until 1961 when the Bulgarian Foreign Insurance and Reinsurance Company BULSTRAD was established via government decree on the grounds of the DZI department which existed at the time. BULSTRAD's major shareholder was the Ministry of Finance, and DZI itself held a principal stake, too. BULSTRAD managed all insurances related to the state's liabilities abroad - marine, aviation, tourist, etc., whereas DZI kept the monopoly on the insurance market within the country.

Alongside the insurance monopoly, after 1946 the state gradually introduced a large relative share of compulsory (statutory) insurance. The Act on Property Insurance was passed in 1958, and the 1969 amendments thereof significantly expanded the compulsory property insurance range.

The judicial monopoly on insurance was strictly applied until 1989 until the appearance of competitive insurance companies. However, it must be pointed out that despite the obvious name overlap in certain cases, the newly sprung insurance companies had nothing in common with those before 1946 and did not function as their assignees or successors.

The new situation in the insurance sector faced the company with a great challenge. Due to its flawless work and competitive insurance products, the company successfully managed to transform its market strategy and keep its leading position. Alongside its business growth, the company took active part in the development of appropriate Insurance Regulations and was among the founders of the Association of Bulgarian Insurers in 1992.

In October 1998 DZI was restructured into a sole owner joint-stock company (EAD) with 100% state participation. On 7 December 1999, issue 107 of the State Gazette promulgated a decision of the Privatization Agency for opening a privatization procedure of the "State Insurance Institute - DZI" EAD. The procedure was closed on 27 August 2002 after selling the company to "Contract Sofia" OOD, property of Emil Kyulev.

On 10 October 2002 the General Meeting of Shareholders decided to change the name of the company from "State Insurance Institute - DZI" EAD (i.e. sole owner joint-stock company) to "DZI" AD (i.e. joint-stock company).

On 3 August 2007 the regulatory authorities granted KBC the necessary permission to successfully close the acquisition of the Joint-stock Insurance and Reinsurance Company - DZI by obtaining a total of 80,457% of its shares.

KBC is among the leading Belgian companies and financial groups in Europe. Its market capitalization amounts approximately to 36 billion euro.

BUL INS Joint-stock Insurance Company (AD)

Bul Ins AD Insurance Company
Sofia, 87James Bourchier Blvd.
tel.: 0800 188 77;

Petrozar Petkov
Chairperson of the Board of Directors and CEO -

Bul Ins AD

Insurance Company

BUL INS AD Insurance Company was founded on 31 August 1995, and on 16 July 1998 was licensed as an insurer by the National Council of Insurance (a structure within the Council of Ministers) in compliance with the Insurance Act.

Over the years the company has gained positive reputation of a stable and reliable partner. BUL INS is managed by the following Board of Directors: Mr. Petrozar Petkov - chairperson, Assoc. Prof. Stoyan Prodanov - vice chairperson, and Mrs. Vanya Malcheva - board member. The company's registered seat is the "Lozentes" headquarters in Sofia, having four more branches in the capital, as well as a couple of regional branches in Plovdiv, Varna and Burgas.

Among the company's major priorities is the constant customer service improvement, both upon signing insurance agreements and settling damage claims by timely payment of insured events compensations. As a stable and reliable partner with modern views on expanding and verifying its insurance products, the company has gained popularity due to its effective mechanisms for timely liquidation of damage claims and payment of compensations upon the occurrence of insured events.

In order to increase its customer service quality, in 2003 BUL INS established the "Tander" Technical Center. The facility consists of a liquidation service and a reception center where the damaged vehicles are inspected, left, repaired and then taken back. Thus possible disagreements between the involved parties are avoided since the customers can get in touch both with the insurer and the service-station receptionist.

Over the years BUL INS has gained impressive gross premium income which currently ranks the company on one of the leading positions of the 20 topmost licensed insurance companies in Bulgaria. In the past couple of years, BUL INS has become a leader on the Bulgarian insurance market due to its gross premium income from the basic insurance policy in the country, namely motor vehicle insurance (excluding rail vehicles). Since 2002 BUL INS has been a member of the National Bureau of Bulgarian Motor Insurers.

Ever since its opening on 01.04.2002, the National Bureau has provided "Civil Liability Insurance for Vehicles" ("green card") covering damage liabilities outside Bulgaria. In joint partnership with other insurance companies, BUL INS is also a member of the Bulgarian National Insurance Nuclear Pool founded in 2001. The company's role in this association is that of an insurer of the Nuclear Power Plant "Kozloduy" EAD, providing for the "General civil liability covering nuclear damage liability" insurance policy. The company has taken 8,8117% of the insurance risk.

Due to its stable position in the state economy, BUL INS can subside a number of socially significant initiatives, as well as cultural and sports events.

BULSTRAD Joint-stock Insurance Company (AD)

"Bulstrad Vienna Insurance Group" Joint-stock Insurance Company
Sofia, 5 Positano Square
tel.: (02) 9856610;

Rumen Yanchev
Chairperson of the Board of Directors and CEO -
"Bulstrad Vienna Insurance Group" Joint-stock Insurance Company

The joint-stock insurance company BULSTRAD VIENNA INSURANCE GROUP was founded on 31 July 1961. Since then the company has been developing all sorts of insurance and reinsurance such as marine and aviation insurance (occupying a leading position in those insurance areas), as well as cargo and property insurance, vehicle and construction risk insurance, personal insurance, etc.

In 1967 the enterprise set up a broker company in London which was renamed to Еuropean Insurance and Reinsurance Brokers in 1999.

In order to cover the specific needs of its customers, BULSTRAD VIENNA INSURANCE GROUP set up a couple of affiliates:

  • Founded in 1994, BULSTRAD Life AD deals with different "Life" insurance policies;
  • Founded in 1998, BULSTRAD Services and Consulting OOD deals with different economic activities, including rent-a-car services;
  • Founded in 2003, BULSTRAD Health Insurance AD (renamed into TBI Health Insurance AD in 2005) deals with voluntary health insurance of corporate and individual customers.

With an agreement signed in July 1999, 31% of the shares of BULSTRAD VIENNA INSURANCE GROUP were sold to TBIH Group. Over the next seven years, TBIH Group (through the Bulgarian Insurance and Pension Holding (BZP Group AD) acquired 97% of BULSTRAD's equity. With an agreement completed in the middle of April 2007, VIENNA INSURANCE GROUP acquired a major stake of BULSTRAD's share equity.

The company has been a member of a number of prestigious insurance organizations such as the International Union of Marine Insurance (since 1974) and the International Union of Aviation Insurers (since 1980).

The purchased reinsurance coverage on the basic insurance types guarantees the financial stability of BULSTRAD VIENNA INSURANCE GROUP. The company works in close cooperation with foreign reinsurers occupying leading positions on the international insurance market and having high credit ratings. Among the company's partners are enterprises such as SCOR Reassurance, Swiss Re, Hannover Re, Lloyd's Underwriters and others.

Over the years, BULSTRAD VIENNA INSURANCE GROUP has expanded its branch network within the country and now possesses 13 general agencies, 59 agencies, over 216 brokers and more than 5 000 agents offering a wide range of over 100 insurance products for the economy, financial sector, transport, trade, construction, and tourism, as well as providing for citizens' and different organizations needs.

Due to its rich experience and international reputation, BULSTRAD VIENNA INSURANCE GROUP occupies a stable leading position on the Bulgarian insurance market.

LEV INS Joint-stock Insurance Company (AD)

Lev Ins AD Insurance Company
Sofia, 51 D Charni Vrah Blvd.

telл.: 0800 10 200;

Stafan Sofiyanski
Executive Director of
Lev Ins AD Insurance Company

LEV INS Insurance Company was set up in 1996 and is one of the first insurance companies in Bulgaria with entirely private equity. Enduring the hard transition from a state regulated economy to the free market challenges, and being in strict compliance with both the Bulgarian and international laws, the company has ascertained its economic stability and proved itself as a leading insurance enterprise in Bulgaria.

Upon Permit №98 by the National Council of Insurance, in August 2006 the company obtained a license for conducting insurance activity. LEV INS is also a member of the Bulgarian Insurers Association, the Union for Private Economic Enterprise, and the Bulgarian-Israeli Chamber of Commerce.

LEV INS provides an entire range of insurance products and services in the sphere of general insurance. The company is a leader in the introduction and establishment of the latest trends in the insurance sector, and maintains high quality of its services. By observing and applying the best international practices in the peculiarities of the Bulgarian market, the company provides its numerous customers both traditional and nonstandard insurance protection.

UNIQA Joint-stock Insurance Company (AD)

UNIQA AD Insurance Company

Sofua, ул. Юнак №11-13
тел.: (02) 9 156 333;

Nikolay Ganchev
Chairperson of the Board of Directors and CEO - UNIQA AD Insurance Company

UNIQA has more than 150 years of insurance experience. The company enjoys the highest reliability rate in Austria, and one of the leading insurance groups in Central and Eastern Europe.

The 2006 premium income of the "UNIQA Group Austria" companies exceeded 5 billion euro, and the total amount of the managed assets was over 21 billion euro. Through its affiliates, UNIQA has 20 market representations in Central and Eastern Europe, with over 17 000 employees and brokers servicing more than 5,7 million customers. For many years now, the companyStandard & Poo­r's has ranked UNIQA with an "A" international financial rating. UNIQA's shares occupy some of the highest positions on the Vienna Stock Exchange.

The insurance companies UNIQA AD and UNIQA Life AD were founded as private enterprises in 1992 under the name "Vitosha". In March 2007 UNIQA increased its stake to 51% of the shareholder equity and in compliance with the single brand strategy of the UNIQA trade mark in Eastern and Southeastern Europe, the company name was changed from "Vistosha" to UNIQA.