Bulgarian LEV Ins plans to start operations in Portugal

  • ECO News
  • 19 January 2022

Founded in 1996 and controlled by the Lev Corporation group, the insurer is backed by Israeli investors.

Bulgaria’s insurance supervisory authority has notified the Lisbon counterpart of the company’s intentions. Lev Ins’s plans for Portugal are aimed at carrying on business under the Freedom to Provide Services (FPS) scheme, covering non-life insurance.

The Bulgarian Financial Supervision Commission (FSC) has already notified the Insurance Authority (ASF) of the intentions of LEV Ins DA (Lev Ins), although it has not yet been published on the portal of the Portuguese body.

Founded in 1996 and controlled by the Lev Corporation, the company is financially backed by Israeli investors (Rahiti Meir Classic Ltd). Dynamic in its growth strategy, the insurer diversifies product portfolio and coverage solutions and expands in the EU. In September 2021, information available on the Bulgarian supervisor’s website shows that besides Germany, Lev Ins planned to extend operations to Lithuania, Latvia and Estonia. In 2020 it started operations in Greece and Spain.