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Croatian Insurer Looking to Acquire 25% Of Pozavarovalnica Sava

Ljubljana, 24 June (STA) - The biggest Croatian insurer Croatia osiguranje has disclosed it wants to acquire a 25% stake in reinsurer Pozavarovalnica Sava, announcing it had participated in the recent capital injection at the Slovenian company.

The Croatian insurer said it partook in the EUR 93m recapitalisation that Pozavarovalnica Sava concluded last week. A total of EUR 13.3m of new shares were issued in the three-stage capital injection, while it is unclear how many were acquired by Croatia osiguranje.

According to the daily Dnevnik, Croatia osiguranje was involved already in the first round of the capital hike by acquiring rights from existing shareholders, including the NKBM and Abanka banks and the NFD financial firm. It is said to have spent around EUR 10m in that round.

Croatia osiguranje confirmed its participation in the capital hike to Croatian press agency Hina, saying it made an offer through Slovenian financial firm Alta Invest. It added that its goal was to acquire as much as a quarter of all shares of Pozavarovalnica Sava.

Meanwhile, Dnevnik adds that the Croatian company had opted to get involved as early as in the first round of the capital hike because it feared that the management of the Slovenian insurer would decide to ignore its offer in the third round open to new shareholders.

The daily meanwhile cites unofficial information in saying that Croatia osiguranje is buying the shares at the behest of Adria Grupa from Croatia, which is said to be interested in buying Croatia's biggest insurer and thus become one of the biggest insurance companies in the territory of the former Yugoslavia.

Pozavarovalnica Sava launched the capital injection in order to finance its recent acquisition of Maribor-based insurer Zavarovalnica Maribor.

Meanwhile, Adris Grupa is also said to be eyeing Slovenian insurer Zavarovalnica Triglav, which has recently expressed an interest in acquiring Croatia osiguranje.

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