The third largest Slovenian insurer is for sale

Slovenian financial holding KD Group announced, in a statement posted on Ljubljana Stock Exchange's website, that its management board reviewed the group's strategic guidelines, choosing LAZARD as a financial consultant to find a strategic investor for a majority stake in its fully owned insurer ADRIATIC SLOVENICA.

Click here to read the announcement.

ADRIATIC SLOVENICA is the result of the acquisition made by insurer SLOVENICA (established in 1992, and owned by KD Holding since 1996) when it bought in 1999 the insurer ADRIATIC (founded in 1990).

Highlights of the company in 2016, according to the "Annual Report 2016" published on ADRIATIC SLOVENICA's website:
  • Share capital: EUR 42.99 million
  • No. of shares: 10,304,407
  • Shareholder structure: 100% KD Group
  • Gross written premiums: EUR 303.5 million
  • Gross claims paid: EUR 218.7 million
  • Market share: 15.1%
  • Profit before tax: EUR 11.0 million
  • Net profit: EUR 11.9 million
  • Employees: 1,140
  • Return on investment: 6.0%
  • Return on equity: 12.1%
  • Combined ratio (health insurance): 102.2%
  • Combined ratio (other insurance): 94.4%
According to 1H2017 market figures published by the Slovenian Insurance Association, ADRIATIC SLOVENICA was the third largest insurer in the country (GWP of EUR 161.9 million, up by 4.5% y-o-y) with a market share of 13.9%, behind Zavarovalnica TRIGLAV (29.2%) and Zavarovalnica SAVA (18.3%). The company collected EUR 33.9 million in life GWP, and EUR 128 million - non-life GWP.

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