SAVA Re to take over the two Croatian units of ERGO

Slovenian insurer Zavarovalnica SAVA, part of insurance group SAVA Re, announced it will acquire the two Croatian subsidiaries of the German insurance group ERGO.

"(...) Zavarovalnica SAVA, d.d., as the acquirer, intends to sign a contract with the sellers ERGO Austria International AG and ERGO Versicherung Aktiengesellschaft for the acquisition of 100% of the Croatian-based companies ERGO osiguranje d.d. and Ergo zivotno osiguranje d.d".

Zavarovalnica SAVA is present on the Croatian market through a branch office.

The insurer Zavarovalnica SAVA resulted following the merger in the autumn of 2016 of the Slovenian insurer Zavarovalnica TILIA and the two Croatian units - VELEBIT osiguranje and VELEBIT zivotno osiguranje - into Zavarovalnica MARIBOR, acquired itself by SAVA Re in 2013.

Last year, the Croatian insurance market totaled about HRK 9.1 billion (EUR 1.2 billion), of which one third related to life insurance segment (EUR 391 million), and about two thirds - to non-life (EUR 814 million).

In terms of GWP, ERGO Zivotno Osiguranje was the smallest life insurer in the market, with HRK 2.35 million (EUR 313 thounsand), according to the market figures published by CIB - Croatian Insurance Bureau.

The non-life insurer ERGO Osiguranje reported FY 2017 GWP of about HRK 96 million (EUR 12.8 million) - representing a market share of about 1.6%.

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