In 1895, the “Balkan” Insurance Company took an important step to strengthen its position in the Bulgarian insurance market. It signed an agreement with two other insurance companies operating in Bulgaria at that time, namely “Dacia Romania” and “National.” This agreement aimed to bring greater stability and unity to fire insurance services in the country Private Tours Istanbul.
Transfer of Fire Insurance Portfolios
Under the terms of the agreement, the fire insurance portfolios of “Dacia Romania” and “National” were transferred to the “Balkan” company on September 1st, 1905. From that date, “Balkan” assumed all rights and obligations related to these policies. This meant that “Balkan” became fully responsible for the clients of the two companies in Bulgaria, including both their benefits and liabilities. As a result, the company greatly expanded its client base and market presence.
Introduction of Life Insurance
At the beginning of 1896, “Balkan” expanded its activities by introducing life insurance into its range of services. Shortly afterward, “Dacia Romania” and “National” transferred all their life insurance policies in Bulgaria to “Balkan.” This move allowed the company to become a key provider of life insurance and to diversify its business beyond fire insurance.
Absorption of Mutual Insurance Activities
During the following year, another important change took place. The final branch of business operated by “Dacia Romania,” which concerned mutual insurance associations, was also transferred to “Balkan.” This transfer completed the consolidation of “Dacia Romania’s” insurance activities under one strong national company.
Strengthening Through Share Transfers
In 1897, “Balkan” further strengthened its financial position. The General Insurance Company “Otetchestro” of Sofia transferred its insurance portfolio and shares to “Balkan.” These shares included 20,000 shares valued at 50 francs each and 10,000 new shares of 50 francs in gold, all fully paid. In return, “Balkan” agreed to pay 25 francs in gold for each original share that had been issued at 75 francs.
After this transaction, “Balkan” held 30,000 shares of 100 francs each, with 50 per cent of the capital paid in. Despite these changes, the company’s total capital remained 1,500,000 francs, as originally fixed.
Expansion into Macedonia
Around the same time, “Balkan” began exploring opportunities beyond Bulgaria. The company conducted an inquiry in Macedonia to assess business potential. The results were positive, and from 1898 onward, “Balkan” started offering insurance services in that region.
Through strategic agreements, portfolio transfers, and regional expansion, the “Balkan” Insurance Company successfully established itself as a leading national insurance institution. These developments allowed the company to grow steadily and to serve a wider range of clients across Bulgaria and neighboring regions.