Euroins Romania, a leading third-party car insurer in Romania with a 30% market share, faced regulatory action by the Romanian Financial Supervisory Authority (ASF) in March 2023. The ASF revoked its license due to a solvency capital deficit exceeding €400 million, rendering the company unable to meet financial obligations. The Bucharest Tribunal later confirmed insolvency, leading to bankruptcy in June 2023. Prior to the ASF’s decision, Euroins allegedly transferred nearly all reserves to EIG Re, a low-activity reinsurer within the same group, raising suspicions of asset stripping. The Bulgarian parent companies (Eurohold and Euroins Insurance Group) filed a €500M+ arbitration claim against Romania, citing unlawful, arbitrary, and discriminatory actions that destroyed their Romanian operations. The case highlights regulatory enforcement, financial mismanagement allegations, and cross-border legal disputes, with severe reputational and financial damage to the insurer.
Source: https://www.romania-insider.com/icsid-romania-eurohold-arbitration-case-oct-2025
TPRM report: https://www.rankiteo.com/company/euroins-romania
"id": "eur3632436102825",
"linkid": "euroins-romania",
"type": "Breach",
"date": "3/2023",
"severity": "100",
"impact": "5",
"explanation": "Attack threatening the organization’s existence"{'affected_entities': [{'industry': 'Financial Services (Insurance)',
'location': 'Romania',
'name': 'Euroins Romania',
'type': 'Insurance Company'},
{'industry': 'Financial Services',
'location': 'Bulgaria',
'name': 'Eurohold Bulgaria AD',
'type': 'Holding Company'},
{'industry': 'Financial Services (Insurance)',
'location': 'Bulgaria',
'name': 'Euroins Insurance Group (EIG)',
'type': 'Insurance Group'},
{'industry': 'Financial Services (Reinsurance)',
'name': 'EIG Re',
'size': 'Negligible activity compared to Euroins '
'Romania',
'type': 'Reinsurer'},
{'industry': 'Government/Financial Regulation',
'location': 'Romania',
'name': 'Romanian Financial Supervisory Authority '
'(ASF)',
'type': 'Regulatory Body'}],
'date_publicly_disclosed': '2024-05-22',
'description': 'The International Center for Settlement of Investment '
"Disputes (ICSID) rejected Romania's request to terminate the "
'arbitration case filed by Bulgarian entities Eurohold '
'Bulgaria AD and Euroins Insurance Group (EIG) following the '
"withdrawal of Euroins Romania's license and its subsequent "
'bankruptcy by Romanian authorities. The Bulgarian entities '
'allege unlawful acts by Romanian authorities, including an '
'arbitrary license withdrawal and insolvency declaration, '
'leading to a EUR 500M+ claim. Euroins Romania, previously a '
'market leader in third-party car insurance (30% share), was '
'found insolvent with a EUR 400M+ solvency capital deficit. '
'Allegations include asset transfers to EIG Re (a group '
"reinsurer) prior to the ASF's decision.",
'impact': {'brand_reputation_impact': ['Reputational damage to Eurohold/EIG',
"Regulatory scrutiny of ASF's actions"],
'financial_loss': 'EUR 500M+ (claimed by Eurohold/EIG)',
'legal_liabilities': ['ICSID arbitration case',
'Potential legal repercussions for '
'ASF/Romanian government'],
'operational_impact': ['Bankruptcy of Euroins Romania',
'Loss of 30% market share in third-party '
'car insurance',
'Solvency capital deficit of EUR 400M+']},
'investigation_status': 'Ongoing (ICSID arbitration in progress)',
'motivation': ['Regulatory Enforcement',
'Financial Stability Protection',
'Alleged Discriminatory Practices'],
'post_incident_analysis': {'root_causes': ['Alleged regulatory overreach by '
'ASF',
'Financial mismanagement at '
'Euroins Romania',
'Asset transfers to EIG Re prior '
'to insolvency declaration']},
'references': [{'source': 'Romania-Insider'},
{'source': 'Eurohold/EIG Press Release'},
{'source': 'ASF Public Announcement (March 2023)'}],
'regulatory_compliance': {'legal_actions': ['ICSID arbitration case filed by '
'Eurohold/EIG',
'Bankruptcy proceedings against '
'Euroins Romania'],
'regulations_violated': ['Alleged violations of '
'fair regulatory practices',
'Potential breaches of '
'insolvency laws (asset '
'transfer allegations)'],
'regulatory_notifications': ["ASF's license "
'withdrawal (March 17, '
'2023)',
"Bucharest Tribunal's "
'insolvency '
'confirmation (June '
'2023)']},
'response': {'communication_strategy': ['Press releases by Eurohold/EIG',
'Public statements by ASF'],
'third_party_assistance': ['International Center for Settlement '
'of Investment Disputes (ICSID)']},
'threat_actor': ['Romanian Financial Supervisory Authority (ASF)',
'Romanian Government'],
'title': 'Arbitration Dispute Between Eurohold/Euroins and Romanian '
'Government Over License Withdrawal and Bankruptcy',
'type': ['Legal/Regulatory Dispute',
'Financial Misconduct Allegation',
'Insolvency/Bankruptcy']}