DZI General Insurance EAD (Bulgaria)

DZI General Insurance is one of the leading players on Bulgaria's general insurance market. The company provides a full range of property and casualty insurance products.
DZI General Insurance was spun off from the state-owned insurance group DZI in 1997. After the spin-off, the state insurance giant held 95% of the general insurance carrier, while the rest was controlled by state bank DSK. In November 2001, local authorities cancelled a tender to sell DZI group after it attracted only one bid from a consortium of Dutch-based TBI Holding and DZI 2000, set up by DZI's managers, which offered USD 20.5 million for a 67 % stake. In August 2002, Bulgaria's Privatisation Agency approved the sale of 80% in DZI to locally-registered company Contract Sofia for EUR 21.52 million. The shareholders of Contract Sofia included British-registered Dennis Overseas Ltd. with a stake worth EUR 13.8 million; local Roseximbank with a EUR 1.52 million holding and Roseximbank's late manager Emil Kyulev with a EUR 2,555 stake. Belgian banking and insurance group KBC bought 70% in DZI from Contract Sofia for EUR 260 million in late January 2007. As part of the deal, KBC gained control also over DZI Invest, a securities broker on the Bulgarian Stock Exchange, and the DZI Health Insurance Joint Stock Company. In 2012 KBC increased its ownership in DZI Life Insurance to 100%.