History

History

History of BULSTRAD VIENNA INSURANCE GROUP

BULSTRAD was founded on 31 July 1961. Since then the company has developed all lines of insurance and reinsurance business, such as aviation and marine, in which we have a leading position on the Bulgarian insurance market; cargo and property, motor insurance, construction-and-erection risks, personal lines and others.

In 1967, BULSTRAD set up a joint-venture broking company in London. In 1999 the broking company was renamed European Insurance and Reinsurance Brokers.

To meet the specific needs and requirements of its customers, the company established the following subsidiaries:

  • In 1994 – Bulstrad Life AD was founded, which specializes in life assurance and offers various life assurance products;
  • In 1998 – Bulstrad Services and Consulting OOD was set up to provide various services, including rent-a-car.
  • In 2003 – Bulstrad Health Insurance AD was established (renamed Bulstrad Health AD in 2007), which offered voluntary health insurance to individuals and corporate clients.
  • In April 2009 – Bulstrad Health AD was renamed Bulstrad Health Vienna Insurance Group AD.
  • 2007 – VIENNA INSURANCE GROUP becomes the majority shareholder of BULSTRAD.
  • 2016 – Bulstrad acquires NOVA INS (OBB – AIG Insurance Company AD).
  • 2021 – Vienna Insurance Group AG Wiener Versicherung Gruppe becomes the sole owner of BULSTRAD.

In July 1999, a contract was signed for the sale of 31% of the company shares to TBIH Group. Over the next seven years, TBIH Group (through BZP Group EAD) acquired 97 % of Bulstrad’s capital.

In April 2007, the transaction with VIENNA INSURANCE GROUP for acquisition of the major share of Bulstrad’s joint-stock capital was finalized.

The financial stability of BULSTRAD VIENNA INSURANCE GROUP is ensured by the reinsurance coverage purchased for our main insurance lines. Our partners are foreign reinsurance companies with leading positions on the international market and high credit ratings, such as SCOR Réassurance, Swiss Re, Hannover Re, Lloyd's Underwriters, etc.

Over the years, BULSTRAD VIENNA INSURANCE GROUP has been expanding its network across the country, providing a wide range of more than 100 different insurance products servicing the sectors of industry, finance, transport, trade, construction, and tourism, as well as the consumer needs of various organizations and individual clients. 

Building on its considerable experience and international reputation, BULSTRAD VIENNA INSURANCE GROUP traditionally ranks among the leading companies in the Bulgarian insurance market.

EIRB London (Brokers)

Lloyd’s broker, which connects the company to the London the international reinsurance markets.