Novaturas Group signed the Suretyship of travel organizer’s contractual obligations insurance agreement with Insurance company Euroins AD, a company that is part of Euroins Insurance Group AD – one of the largest independent insurance groups in Central, Eastern, and Southeastern Europe. Under the agreement, the insurer will provide Novaturas with a EUR 9 million in surety insurance limit, ensuring the fulfillment of the company’s obligations to travelers. The company also announced an extension of its credit line with Luminor Bank.
“This agreement with Euroins is, above all, a clear and reliable sign of Novaturas credibility for our clients, partners, and shareholders. At the same time, it reflects our strategic goal to further strengthen the company’s market position. As always, travelers can confidently plan their future trips with our company, knowing that their payments and interests are financially protected. Moreover, the partnership with a well-established international insurance group opens up additional opportunities to develop our operations and customer-focused solutions,” says Kristijonas Kaikaris, CEO of Novaturas.
Tourism regulations require all tour operators to ensure the fulfillment of their obligations through insurance or a bank guarantee. This way, the tour operator insures its responsibility to provide the booked services to travelers or, if the services cannot be delivered, to refund the amount paid. If the tour operator is unable to meet its obligations, the insurer is committed to compensating the costs incurred by travelers.
According to the company, the EUR 9M in surety insurance limit provided by Insurance company Euroins AD meets the current needs of Novaturas. The company also does not rule out the possibility of expanding the partnership with Euroins in the future, potentially offering additional competitive insurance products to travelers.
Insurance company Euroins AD (www.euroins.bg) is among the leading companies in the sector in Bulgaria according to data from the Bulgarian Financial Supervision Commission. The company also operates in Greece (through a branch), Poland, Spain, Italy, Germany and Romania, offering the full range of insurance products. It is a leader in travel insurance in the Bulgarian market.
Insurance company Euroins AD is part of Euroins Insurance Group AD which is one of the largest insurance groups operating in 11 countries across Central, Eastern, and Southeastern Europe. Euroins Insurance Group AD is owned by Eurohold Bulgaria AD, a leading energy and financial group in Central, Eastern, and Southeastern Europe. The European Bank for Reconstruction and Development (EBRD) is a minority shareholder owning 8% of the capital.
Novaturas has also extended its existing credit line with Luminor Bank. The repayment of the €3 million loan has been extended until the end of this year. Credit lines are a common financial tool for travel companies, helping to balance cash flow fluctuations driven by the industry's seasonal nature.
According to Novaturas CEO Kristijonas Kaikaris, the guarantee from Euroins and the extension of the credit line agreement with Luminor are important steps that have further strengthened the company’s financial position.
About the company
The Novaturas Group is a tour operator offering the widest range of travel destinations from the Baltic States. It has been operating in the region for 25 years. The company offers summer and winter recreational, sightseeing, exotic, skiing, workation and group trips to many destinations worldwide. According to unaudited data, in 2024, Novaturas Group recorded revenues of EUR 201 mln. and served 239 thsnd. passengers in Lithuania, Latvia and Estonia.
For more information:
Darius Undzėnas
CFO
+370 678 05749
