BiH: GRAWE buys ATOS Osiguranje for EUR 12 million, increasing its market weight to over 11%

Austrian insurer GRAWE has increased its presence on the Bosnian specialty market by acquiring the local insurer ATOS Osiguranje, former "Bobar osiguranje, for a total consideration of just over KM 23 million (~ EUR 12 million), the local financial press reports.

ATOS Osiguranje, domiciled in Republica Srpska, ranked 14th in the overall ranking of the insurance market of Bosnia & Herzegovina, with GWP of EUR 9.8 million and a 2.8% market share. Among the companies registered in Republica Srpska, ATOS is the fourth largest, accounting for about 9.2% of the total GWP (FY2017 results). According to the company's interim report, in 1H2018 ATOS recorded GWP of EUR 5.11 million, while total business revenues amounted to about EUR 6.2 million, increasing y-o-y by about 50%. Net Profit recorded in 1H2017 amounted to EUR 1.1 million, remaining in line with last years' results for the same period.

ATOS, which will continue to operate under its own brand name, is the third insurer owned by GRAWE in BiH, after the two subsidiaries from Banja Luca (RS) and Sarajevo (FBiH). By this acquisition, the Austrian insurer will increase its market share on the Bosnian market to about 11.5%.

According to local source, the purchasing agreement will be officially signed this week.

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