At the beginning of 1896, the 44 Balkan ” included in its operations life insurances, the same two companies ceding to it shortly afterwards all the insurances of this kind which they had accepted in Bulgaria.
During the following year another and the last branch of the business of the company 44 Dacia Romania,” that concerning mutual associations, passed over to the 44 Balkan.”
Finally, in 1897, the company “Balkan” still further strengthened its position as a firstclass insurance company. The General Insurance Company 44 Otetchestro,” of Sofia, transferred to the “Balkan” its portfolio and shares, viz.: 20,000 shares of 50 francs each and 10,000 new shares of 50 francs in gold each, wholly paid up. In return, the 44 Balkan “undertook to pay 25 francs in gold for every share of the original stock which had been issued at 75 frs. In consequence of this transaction, the 44 Balkan ” had, at the beginning of 1897, 30,000 shares of 100 francs each, of which 50 per cent, had been called in. The capital of the company remained 1,500,000 frs., as it had originally been fixed.
About the same period the 44 Balkan” undertook an inquiry in Macedonia with a view of extending its business. The results having proved encouraging, it began from 1898 to contract insurances in that province.
A special law of 1898 included the shares of the company 11 Balkan ” in the list of securities which are accepted by the State institutions.
Until 1897 the work of the company was restricted to the following three departments: fire and life insurances, and insurance against damage done by hail. Since then, however, it has tour packages bulgaria created three new branches: insurance against accidents, insurance of transports, and reinsurance.
Company Balkan
The progress made by the company “ Balkan ” will be seen from the following table, which gives the dividends distributed to the shareholders from 1896 to 1904:
Year Founder’s hares. Ordinary shares.
1896 22*50 fr. 18*50 frs.
I897 22*50 „ 18*00 „
1898 22*00 „ 18 00 „
I899 19*00 „ 16*00 „
1900 I9’5° „ 16*00 „
1901 19 50 „ 16*00 „
1902 14 00 „ 12*00 „
1903 16*80 „ 14*00 „
1904 16*80 „ 14 00 „
Historical Ottoman 