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NKBM Becomes Majority Owner of Insurer Maribor

Maribor, 12 August (STA) - NKBM, Slovenia's second largest bank, said Friday it had become the majority owner of insurer Zavarovalnica Maribor. Already the biggest single shareholder with 49.96%, NKBM acquired only 0.59% of Zavarovalnica Maribor stock in a takeover offer that ended on Wednesday, but this was enough to push if over the 50% limit.

The bank offered to buy all outstanding Zavarovalnica Triglav stock in the takeover bid last month, but it has failed to persuade reinsurance company Sava Re, the second biggest shareholder with a stake of 47%.

Sava Re has said the offer was too low. At the offered price of EUR 5.72 per share, the insurer was valued at EUR 71.2m, with the stake owned by Sava Re worth EUR 32.6m. Media reports suggests Sava Re was seeking double the price.

The reinsurer as well as NKBM took part in the recent EUR 12.8m capital raising at Zavarovalnica Maribor. Sava Re invested EUR 5.86m to preserve its stake.

Zavarovalnica Triglav is the second biggest insurer in the country with 12.83% of the market by gross written premiums, second only to Zavarovalnica Triglav (35.85%), according to the Slovenian Insurance Association Data for 2009.

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