Nikolay Sotirov, 74 years old, Dean of the Bulgarian Insurance Industry, former Secretary General of the Guarantee Fund, Executive Director and Board Member of a number of Bulgarian insurance companies
The truth about DallBogg’s leading position among Bulgarian insurers
1. In 2024 and until the unlawful suspension of sales in Europe on 1 July 2025, DallBogg was the largest Bulgarian insurer by gross written premium:
DallBogg: BGN 527,077,033; The second-ranked company: BGN 436,668,674.
2. Despite the suspension of its operations abroad, DallBogg has the largest technical reserves in Bulgaria, guaranteeing the rights of insured persons to receive insurance compensation:
1. Q3/2025 DallBogg: BGN 488,447,998; The second-ranked company: BGN 464,145,296.
2. Q4 / End of 2025 DallBogg: BGN 461,448,790; The second-ranked company: BGN 427,736,475.
3. Following the suspension of sales in Europe, by the end of 2025 – already 6 months without revenues from abroad, and despite the FSC’s insinuated refusal to register the capital and the artificial undervaluation of the assets – DallBogg is the best-capitalized company in Bulgaria:
Q4 / End of 2025 DallBogg: BGN 135,800,000; The second-ranked company has capital of: BGN 78,471,200.
4. DallBogg’s leadership is also evident in other financial indicators:
DallBogg develops and maintains a reinsurance programme comprising a combination of reinsurance treaties that genuinely reduce the financial risk both for DallBogg and its insurance clients, as well as for all other users of insurance services and persons who duly receive compensation from the company.
The truth about the supervisory measures of the FSC
Apart from the fact that no other insurer in the history of Bulgaria and Europe has received 300 requests, letters, orders and measures within 200 working days, all with exceptionally short deadlines for implementation, extensive in scope, always disproportionate and representing the most severe measures permitted by the Code, all compulsory measures have immediate enforceability and cannot be suspended by the courts pending appeal.
At the initiative of the FSC, the law was amended on 1 August 2025 to provide for an indefinite suspension of sales, which, without any grounds whatsoever, was applied from 1 October following the corrective suspension from 1 July to 30 September 2025, despite that corrective suspension having been completed with excellent compliance.
On 2 April of this year, frustrated by DallBogg’s persistent improvement despite having had its revenues suspended for the previous nine months, the FSC also suspended sales in Bulgaria and artificially inflated the calculation of the technical reserves by using incorrect data.
The financial suffocation of DallBogg through systematic administrative repression includes the suspension of sales in Greece and Spain, where there are no complaints and where the reserves have been recognized by the FSC as entirely sufficient, as well as the unnecessary compulsory increase in Motor Third Party Liability insurance prices in Bulgaria, which inevitably fuelled inflation even further.
