On February 9, 2023, the Financial Supervisory Commission (FSC) issued MFG Inc. EAD (in the process of being established), part of the Management Financial Group (MFG), a license for a non-life insurance company, pursuant to Art. 29, para. 1, item 2 of the Insurance Code.

MFG Ins's insurance portfolio will consist of five products, which are in four classes of insurance:
  • "Credit Security" product under the "Accident" insurance class (Section II, point 1 of Appendix No. 1 of the Insurance Code), also designated as Credit Accident;
  • "Credit Security Plus" product under the insurance class "Miscellaneous Financial Losses" (Section II, point 16 of Appendix No. 1 of the Insurance Code), also designated as Secure Wallet;
  • "Peaceful road" product under the insurance class "Travel assistance" (Section II, point 18 of Appendix No. 1 of the Insurance Code), also designated as Travel;
  • "Home Protection" product under the insurance class "Fire and natural disasters" (Section II, point 8 of Appendix No. 1 of the Insurance Code), also designated as Property; and
  • "You are protected" product under the "Accident" insurance class (Section II, point 1 of Appendix No. 1 of the Insurance Code), also designated as Accident.
The purpose of the new company in the MFG portfolio is to enable the Group to take out insurance policies and thus increase the portfolio of financial services that the group offers. At the same time, the well-prepared, incl. in the field of non-life insurance, local structures of MFG throughout the country will be a direct channel for explaining the benefits of non-life insurance, thereby working for the much-needed increase in the financial and, in particular, insurance culture of consumers on the Bulgarian market.

"We believe that with our entry into the insurance market, we will contribute to increasing the familiarity of Bulgarians with the specifics and benefits of insurance products, especially among that part of them who have secondary or lower education and who are most often exposed to risk from financial failure in case of loss of property, overcoming the consequences of accidents or illnesses. We are confident that our entry into the non-life insurance market will make a significant contribution to a higher degree of protection understanding, thanks to our deep knowledge of customers in this segment, as well as the excellent service we provide and the trust we maintain. which the different types of insurance offer, higher confidence in the insurance sector and higher insurance coverage against risks outside of the mandatory ones.", Petar Damyanov and Nedelcho Spasov, executive directors of MFG Ins (in the process of being established), shared their intentions.

Petar Damyanov has held the position of Chief Financial Officer (CFO) of MFG since 2016. He holds a master's degree in Finance and Statistics from the University of Paderborn, Germany, and a BA in International Business and Management from Dickinson College, Pennsylvania, USA. Damyanov is a financial expert with many years of banking and insurance experience, and before joining the MFG team he was part of the management of Alfa Bank - Bulgaria branch (currently part of Eurobank Bulgaria AD), holding the position of financial director, and for 8 responsible for the investment strategy of MetLife Bulgaria.

Nedelcho Spasov (together with Stanimir Vasilev) is the co-founder of the first company from the MFG Group - Easy Asset Management AD, which since 2005 has been offering alternative, simplified and innovative access to financing to consumers - initially only in Bulgaria, and over the years the successful business model is applied in Ukraine, Poland, Romania, North Macedonia. Spasov holds a specialization from the European Institute of Business Management (INSEAD), France, as well as a master's degree in Economics and Industrial Management from the University of National and World Economy.

MFG is a 100% Bulgarian group of companies whose mission is to provide an opportunity for financial inclusion to everyone, regardless of their current social and financial status. Some of the companies in the group have been operating on the Bulgarian market for over 17 years. MFG is active in seven countries: Bulgaria, Romania, Ukraine, Poland, North Macedonia, Spain and Croatia, and plans large-scale geo-expansion in key European and international markets such as Germany, USA, Mexico and India. The MFG Group is a responsible employer of more than 8,300 people in more than 450 offices in the countries in which it operates. In our relations with people in the organization, partners and customers, we rely on the values of humanity, innovation and responsibility.

The main focus of MFG is the offering of financial and credit products for individuals and small and medium-sized businesses. The companies in the group have a total of 15 active registrations and licenses for carrying out various regulated activities - lending, credit intermediation, postal money transfers, payment services and issuance of electronic money, which were issued by the relevant supervisory authorities of Bulgaria, Romania, Poland, Estonia, Ukraine and North Macedonia. The group's portfolio includes companies and brands such as Easy Credit, Byala Karta, Viva Credit, Fintrade, AKPZ, the P2P lending platform iuvo, the "buy now, pay later" model NewPay, the investment company MFG Invest, which successfully implemented a primary public offering (IPO) and is successfully traded on the BEAM market of the BSE, etc.