Business News

Triglav Takes Stake in Montenegrin Insurer to 92%

Ljubljana/Podgorica, 18 December (STA) - Slovenia's top insurer, Zavarovalnica Triglav, signed in Pogorica on Friday a contract wrapping up its acquisition of a 41.14% share in Montenegrin insurer Lovcen osiguranje. The deal, worth nearly EUR 6m, increases Triglav's stake in the company to 91.83%.

Zavarovalnica Triglav said in October as the call for bids expired that "despite the possible additional share in the Montenegrin subsidiary our strategy will remain unchanged".

The Triglav group is planning to keep the leading position in Montenegro through insurer Lovcen by transferring the good practices from our parent company, Triglav said.

Serbian press agency Beta had reported on 28 October that Triglav was the only bidder for Lovcen. While Beta reported that Triglav was offering EUR 65 per share, it eventually paid EUR 72.

Lovcen osiguranje is the biggest among the 11 Montenegrin insurers and has a 60% market share.

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