Euroins BGN 14m capital increase starts on 23 January (NEUTRAL)

Jan 23 will be the start date of Euroins two-fold capital increase to BGN 23.5m through the issuance of 11 753 556 new shares with issue price of BGN 1.20/share, a message on the BSE-Sofia web-site says. The increase will be successful if at least 4 701 423 shares are subscribed or 40% of the offering. The ex-right date is 29 August 2014. Euroins increases its capital in view of the expected Solvency II implementation from 2016. The company’s 9m’14 GWP increased by 7.8% YoY to BGN 58.6m, while the net loss was up by 50% YoY to BGN 1.7m. Net technical reserves declined to BGN 95m as of end-September 2014, down 12% versus 2013YE.