CROATIA: CO to acquire 100% shares in the local subsidiary of BNP PARIBAS

The largest Croatian insurer - CROATIA Osiguranje (CO), member of ADRIS Group, announced it has concluded a purchase agreement for the acquisition of CARDIF Osiguranje insurance company from BNP PARIBAS.

"Purchase Agreement was concluded between the companies CROATIA Osiguranje d.d. and BNP PARIBAS CARDIF Insurance in France on May 24th 2017, by virtue of which CROATIA Insurance purchases a 100% share in the company BNP PARIBAS CARDIF Insurance in Croatia. (...) The Purchase Agreement shall be valid upon acquiring approval from the Croatian Financial Services Supervisory Agency. The public will be timely informed of the relevant matter", CO informed on the Zagrebacka Burza (Zagreb Stock Exchange) web-site.

Local media pointed out that the transaction will take place due the intention of the French insurer to leave some regional markets.

CARDIF Osiguranje entered the Croatian insurance market in 2007. At the end of 2016, it held a market share of about 0.4% (GWP of about EUR 5 million).

Established in 1884, CROATIA Osiguranje is the largest and oldest insurer in Croatia. Since 2014, CROATIA Osiguranje is owned by the local holding ADRIS Group - with business in tourism, real estate, tobacco and food industry.

At the same time, CROATIA Osiguranje is one of the largest insurance groups in CEE Region, with operations in Slovenia, Serbia and Macedonia.

According to the FY2016 market results, with GWP of EUR 300 million, CROATIA Osiguranje was the largest insurance company in Croatia, holding a 26% market share.

Related articles

CROATIA osiguranje to absorb its health insurance unit

HANFA - the Croatian Financial Services Supervisory Agency informed on its website it has approved the merger through absorption between CROATIA osiguranje and its private health insurance unit - CROATIA zdravstveno osiguranje.

2017-06-29

ON THE MOVE

Zurich: leadership transition in EMEA business

Currently group CEO of AXA UK and Ireland, Amanda BLANC will also join the executive committee at ZURICH, with the handover scheduled to complete in the fourth quarter of 2018. BLANC is to succeed Gary SHAUGHNESSY as CEO of ZURICH Insurance's EMEA business.

12.04.2018

TOP EVENT

Why should you participate at FIAR 2018?

With an exclusive list of professional speakers, 7 conferences and workshops analyzing current trends and issues on the re/insurance markets, as well as hundreds of bilateral meetings and networking opportunities, FIAR 2018 represents a key event on the business agenda.

25.04.2018

What re/insurance professionals are already on FIAR 2018's list of speakers?

Specialists from ICMIF - International Cooperative Mutual Insurance Federation and PensionsEurope, representatives of national insurance associations from Austria and Turkey, as well as professionals representing SWISS Re, GEN Re and AUDATEX are just a few of the speakers who have already confirmed their presence at FIAR 2018 - The International Insurance-Reinsurance Forum.

19.04.2018

photodune-3834701-laughing-girl-xs

LIVE: Moscow, Russia: The XXII International Reinsurance Conference

The XXII International Reinsurance Conference has started today in Moscow, organized by Delovoy Format, with the support of the Russian Insurers Association. XPRIMM, the traditional Media Partner of the conference, has launched on the occasion the latest edition of its Insurance Profile Russia, providing for 2017 insurance statistical data.

11.04.2018

photodune-3834701-laughing-girl-xs

The 4th edition of the European Consumer Protection Conference: Main conclusions

The European Consumer Protection Conference, taking place on Thursday, 22 March, in Prague, brought into debate the consumer environment in the current European regulatory and economic landscape, the upcoming legislative changes that will benefit consumers and users of insurance and private pension products, as well as digitalization and the impact of technological advances in the field of financial services.

22.03.2018

See all