DZI (company)
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DZI Insurance (/'dɛ.'zɛ.'i/), an acronym for State Insurance Institute (Bulgarian: Държавен застрахователен институт, Darzhaven zastrahovatelen institut) is a Bulgarian company primarily engaged in various forms of insurance.
DZI Insurance formerly was part of a larger financial group under the name DZI, including a bank under the name DZI Bank. In October 2006 the acquisition of a 74.26% stake of DZI Bank to the Greek financial group EFG Eurobank Ergasias was announced. Subsequently DZI Bank was merged with the other EFG-owned bank in Bulgaria, Bulgarian Post Bank. Today the combined entity is called EFG Eurobank Bulgaria and trades in the country under the name Postbank.
DZI was founded in 1946 through the merger of all 19 Bulgarian insurance companies of the time and the 11 agencies of foreign companies, and was a monopolist in all insurance spheres until 1961, when Bulstrad was established, but continued to dominate the internal insurance market until the democratic changes in 1989.
The company was split into several entities in February 1997 and privatized on 27 August 2002, when it was acquired by businessman Emil Kyulev for €21.5 million. Today DZI has 114 offices in all parts of Bulgaria. In January 2007 the acquisition of a 70% stake of DZI Insurance by the Belgian KBC Group was announced. The deal was concluded in August 2007.
DZI is headquartered in a six-storey landmark building in the centre of Sofia built 1914-1926 by architect G. Fingov.[1]
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