Fitch lifted Euroins’ outlook to positive and affirmed ‘BB-’ rating

Sofia, 8 October 2026 – Fitch Ratings, a leading credit rating agency, has upgraded the outlook on the Insurer Financial Strength (IFS) Rating of Euroins Insurance
Company AD, the largest Bulgaria-based insurer by revenue, from Stable to Positive while affirming the current assessment on the company at ‘BB-’. A year ago, the agency upgraded the company’s rating from ‘B+’ to ‘BB-’ with a stable outlook. The outlook has now been lifted to positive, reflecting Euroins' consolidating
capital strength and improving reserving practices, as well as its leading position in the Bulgarian insurance market.

The improved outlook follows the restructuring process at group level in the second half of 2026, as a result of which the ownership in Euroins was transferred from Eurohold Bulgaria AD to the holding’s majority shareholder - Starcom Holding AD. The public holding, for its part, acquired from Starcom the renewable energy generation and storage business of Solars Energy AD and became a pure energy holding company.

Key points from the report of Fitch on the upgraded outlook:

● Improved underwriting and profitability: Underwriting performance strengthened in 1H26 with a Fitch-calculated combined ratio of 91%, following a net income of EUR 9.61 million in 2025 (up from EUR 2.86 million in 2024).
● Strengthened capital base: Equity rose to EUR 117.6 million at end-2025 following a capital hike, supporting a SCR coverage ratio of 141% at end-2025
and 129% at end-1H26.
● Enhanced reserve adequacy: Reserve developments benefit from a strategic focus on profitability and stronger reserving practices, with no negative reserve developments registered at the overall portfolio level in recent years.

The whole information from Fitch - HERE.

Euroins Insurance Company AD
Euroins Insurance Company AD is the largest Bulgaria-based insurer by revenue with a market share of over 14%. The company also operates in Greece (via a branch), Poland, Spain, Italy, Germany, Romania and France. The company has been present on the market for 28 years and provides customers with a full range of insurance products – over 60 products across all types of insurance (18 classes) in the general insurance segment. Euroins is a market leader in travel insurance policies in Bulgaria.

www.euroins.bg