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21 April 2022
press release

Bulgaria: Schoenherr advises Bulstrad Life on brokerage, outsourcing and reinsurance agreements with GBG and AXA France Vie

Schoenherr advised Bulstrad Life Vienna Insurance Group ("Bulstrad Life"), one of the largest life insurers in Bulgaria, on the brokerage and outsourcing agreements with GBG and the reinsurance agreement with AXA France Vie.

Bulstrad Life and Global Benefits Group ("GBG"), a leading global insurance services company, has entered into an outsourcing and brokerage agreement. GBG will offer clients insurance products in the EU. GBG is to act as an insurance broker and a supplier of insurance services with respect to life, health and disability insurance products offered by Bulstrad Life.

In addition, Bulstrad Life has entered into a reinsurance agreement with AXA France Vie, a global insurance and reinsurance leader. Bulstrad Life will reinsure to AXA the risks under the outsourcing and brokerage agreement.

Schoenherr advised Bulstrad Life in negotiating and executing these agreements, and assisted them in the notification and approval procedure with the Bulgarian Financial Supervision Commission regarding the agreement with GBG.

"We are very pleased with the fruitful cooperation with Bulstrad Life on this challenging project, which paves the way for significant developments in the Bulgarian insurance market," said Ilko Stoyanov, partner and head of Schoenherr Bulgaria's insurance practice.

Bulstrad Life Vienna Insurance Group was founded in 1994. The company is one of the leading life insurers in Bulgaria and is number one in health insurance. It is an expert in providing a comprehensive range of life, health, medical and disability insurance products for both individual and corporate clients by protecting what matters. The company also successfully implements innovative market solutions for high-quality customer service. Bulstrad Life has been a member of the Vienna Insurance Group since 2007.  

The Schoenherr team advising Bulstrad Life was led by Ilko Stoyanov (partner) and further included Milena Gabrovska (attorney at law) and Elena Todorova (attorney at law).

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