Case Details

Eurohold Bulgaria AD and Euroins Insurance Group AD v. Romania (ICSID Case No. ARB/24/18)

Subject of Dispute:

Insurance company
Economic Sector:

Other
Instrument(s) Invoked:

BIT Bulgaria - Romania 1994
Applicable Rules:

ICSID Convention - Arbitration Rules

(a) Original Proceeding

Claimant(s)/Nationality(ies):

Eurohold Bulgaria AD (Bulgarian), Euroins Insurance Group AD (Bulgarian)
Date Registered:

June 7, 2024
Date of Constitution of Tribunal:

November 4, 2024

Composition of Tribunal

President:

Daniel BETHLEHEM (British) - Appointed by Co-Arbitrators
Arbitrators:

Christopher GREENWOOD (British) - Appointed by the Claimant(s)
Brigitte STERN (French) - Appointed by the Respondent(s)

Party Representatives

Claimant(s):

Pinsent Masons, London, U.K.
Djingov, Gouginski, Kyutchukov & Velichkov, Sofia, Bulgaria
Respondent(s):

Mușat & Asociatii, Bucharest, Romania
Anna De Luca, Chloe Carswell, Lucas Bastin KC and Lucian Ilie
Status of Proceeding:

Pending
Latest Development:

December 4, 2025 - The Tribunal issues Procedural Order No. 4 concerning procedural matters.

(a) Original Proceeding

Published Decisions

Procedural Order No. 1

Procedural Order No. 2

Procedural Order No. 3

Decision on the Respondent’s Rule 41 and Rule 48 Objections

Procedural Order No. 4

Available on the ICSID Website

Procedural Order No. 1 (December 12, 2024) English (Original)

Procedural Order No. 2 (April 25, 2025) English (Original)

Procedural Order No. 3 (April 25, 2025) English (Original)

Decision on the Respondent’s Rule 41 and Rule 48 Objections (September 30, 2025) English (Original)

Procedural Order No. 4 (December 4, 2025) English (Original)

(a) Original Proceeding

Date	Development
June 7, 2024	The Acting Secretary-General registers a request for the institution of arbitration proceedings.
July 25, 2024	Following appointment by the Claimants, Christopher Greenwood (British) accepts his appointment as arbitrator.
September 4, 2024	Following appointment by the Respondent, Brigitte Stern (French) accepts her appointment as arbitrator.
November 4, 2024	Following appointment by his co-arbitrators pursuant to the parties’ agreement, Daniel Bethlehem (British) accepts his appointment as presiding arbitrator.
November 4, 2024	The Tribunal is constituted in accordance with Article 37(2)(b) of the ICSID Convention. Its members are: Daniel Bethlehem (British), President, appointed by his co-arbitrators pursuant to the parties’ agreement; Christopher Greenwood (British), appointed by the Claimants; and Brigitte Stern (French), appointed by the Respondent.
November 1, 2024	The Claimants file ancillary claims.
November 28, 2024	The Tribunal holds a first session by video conference.
December 12, 2024	The Tribunal issues Procedural Order No. 1 concerning procedural matters.
December 20, 2024	The Respondent files an objection that the claim is manifestly without legal merit pursuant to ICSID Arbitration Rule 41(1) and observations on the ancillary claims.
January 31, 2025	The Claimants file observations on the Respondent’s objection that the claim is manifestly without legal merit and a response to the Respondent’s observations of December 20, 2024.
February 21, 2025	The Respondent files a response to the Claimants’ observations of January 31, 2025, and further observations on the ancillary claims.
March 14, 2025	The Claimants file further observations on the Respondent’s objection that the claim is manifestly without legal merit and a response to the Respondent’s observations of February 21, 2025.
April 11, 2025	A non-disputing party files an application to file a written submission pursuant to ICSID Arbitration Rule 67(1).
April 22, 2025	Each party files observations on the non-disputing party’s application.
April 24, 2025	The President holds a pre-hearing organizational meeting with the parties by video conference.
April 25, 2025	The Tribunal issues Procedural Order No. 2 concerning the organization of the hearing.
April 25, 2025	The Tribunal issues Procedural Order No. 3 concerning the non-disputing party’s application to file a written submission pursuant to ICSID Arbitration Rule 67(5).
May 20, 2025 - May 21, 2025	The Tribunal holds a hearing on the Respondent’s objection that the claim is manifestly without legal merit and on the Claimants’ ancillary claims in London.
September 30, 2025	The Tribunal issues a decision on the Respondent’s objection to the Claimants’ ancillary claims and on the Respondent’s objection pursuant to ICSID Arbitration Rule 41(3); as a result, the proceeding on merits is suspended.
December 4, 2025	The Tribunal issues Procedural Order No. 4 concerning procedural matters.