Short Company profile

 

One of the newest and smallest players in general insurance – "Fenix ??Insurance" has expanded its license and can now sell the mandatory "Third Party Liability" insurance for drivers. This is clear from a decision of the Financial Supervision Commission (FSC) of March 12 this year. The insurer "Fenix ??Insurance" is one of the newest companies in the economic conglomerate of the son and brother of the elected chairwoman of the Bulgarian Olympic Committee, Vessela Lecheva – Martin Velev and Daniel Lechev. The main holding, which unites a large part of Velev and Lechev's businesses, including financial and construction - "MVF Holding", reports total revenues in 2024 of 491 million leva and a net profit of 53 million leva. Martin Velev and Daniel Lechev operate in several main sectors - quick loans (in Bulgaria, Romania, North Macedonia, Moldova, Spain and Mexico), gambling (gambling halls and online games under the Sesame brand), hospitality, real estate and construction (of residential buildings in Bulgaria and Slovenia), and in 2024 the group also entered insurance. It also has a pawnshop business through the company "Cash Point Pawnshops", but its revenue is minimal. The main quick loan company of Lecheva's relatives - "City Cash" is one of the largest on the market in our country. Its revenues from financial services in 2024 were 138 million leva, and its profit was 11 million leva. In addition to City Cash, the financial business of Lechev and Velev unites, under the umbrella of MV Finance, a total of 10-15 companies (mainly for quick money) not only in Bulgaria, but also abroad - from North Macedonia and Moldova to Mexico. MV Finance's announced revenues for 2024 are nearly 287 million leva, and the company's profit after taxes is nearly 40 million leva. Fenix ??Insurance is a newly formed company in the MV Finance group. MV Finance is an international financial group with over 3,000 employees, uniting companies specializing in consumer lending in Southeast Europe, including Bulgaria. The gambling company "Sesam Online" EOOD has announced revenues for 2024 of 37.9 million BGN, but due to the huge expenses (for example, 16.6 million BGN for external services, 5.6 million BGN for marketing and advertising, etc.), the profit on which tax was paid is only 0.8 million BGN. The other gambling company in the group - "Polo 11", has announced revenues of 30 million BGN and expenses excluding taxes - about 23 million BGN. "Sesam" has 24 locations (mainly gaming halls) in 14 cities in our country. In construction, the family is known to have 4-star hotels on the Black Sea coast with casinos, and in 2023 it bought the former Piraeus Bank building (Emerald building) at 115 Tsarigradsko Shose Blvd. next to The Mall in Sofia, where the holding's headquarters (MVF Holding) is now located. The insurance company Phoenix Insurance (formerly MV Insurance) was established in 2024. Last year it reported a minimal market share of 0.1%, but a few weeks ago it obtained a license for the most competitive market niche in insurance in our country - Civil Liability.