Groupama renames Bulgarian acquisitions

The French insurer Groupama has renamed its Bulgarian acquisitions Groupama Zastrahovane and Groupama Jivotozastrahovane. They were formerly the non-life and the life businesses of DSK Garancia. Groupama said it sees significant growth potential for the Bulgarian insurance market, where insurance penetration is relatively modest at 2.4% of gross domestic product for non-life business and 0.4% for life business, compared with 3% and 6.2% in Groupama’s home market of France. The group said it intends to use its international experience to improve existing products and introduce new ones to the Bulgarian insurance market, particularly in motor, property, transport, and agricultural classes, as well as classical and unit-linked life policies. Groupama also intends to maintain its long-term partnership with DSK Bank. At the end of June of this year, DSK Garancia was the ninth largest life insurer with a market share of 3.3%, and was ranked in 17th place in the non-life market with a share of 0.4%.