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Insurer ZM Appoints New Supervisors

Maribor, 01 March (STA) - Shareholders of insurer Zavarovalnica Maribor, including bank NKBM, which recently sold its 51% stake in the insurer to reinsurer Pozavarovalnica Sava, appointed on Friday Dušan Čeč for a new four-year term on the supervisory board. Shareholders also appointed Sava board member Jošt Dolničar new supervisor, replacing Janez Komelj.

Aleš Hauc, boss of Slovenia's second-biggest bank, NKBM, continues to head the supervisory board of the insurer.

Zavarovalnica Maribor ended 2012 with lower-than-expected results due to compensations paid out after massive flooding in November. Net profit stood at EUR 7.7m, down from EUR 8.25m as previously planned. The insurer collected EUR 219.3m in net premiums and paid out EUR 141.2m in net damages.

"Unfortunately the floods impacted part of the profits which the insurer generated in the first nine months. But after all we are here to compensate our customers, and I am glad that the compensations after the floods last year that exceeded EUR 11m were paid out in record time," Zavarovalnica Maribor chairman Drago Cotar said.

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