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.

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