Slovene Insurer Zavarovalnica Triglav to Offer EUR 20 Million for Serbian Kopaonik Osiguranje

20. Juli 2006, 00:00

Slovene insurance firm Zavarovalnica Triglav is ready to take over Serbian insurance company Kopaonik Osiguranje ...

Slovene insurance firm Zavarovalnica Triglav is ready to take over Serbian insurance company Kopaonik Osiguranje and to pay approximately EUR 20 million for the majority package of shares, the Belgrade daily Vecernje Novosti has reported.

The Slovene insurance company will also try to acquire a stake in Belgrade-based insurer Dunav Osiguranje and DDOR Novi Sad.

In March, Zavarovalnica Triglav made an agreement with 25 shareholders of Kopaonik Osiguranje who control 72 per cent of shares. The Slovene company offered them EUR 27.3 per share at the time.

Kopaonik Osiguranje ranks sixth among 17 insurance firms in Serbia. Last year, it recorded a premium of EUR 11 million.

Zavarovalnica Triglav is one of the leading insurance firms in Slovenia, accounting for more than 50 per cent of the market. Its last years premium exceeded EUR 620 million. This company is present in Croatia, Bosnia and Herzegovina, Montenegro and the Czech Republic.

Managers of Zavarovalnica Triglav hope they will cover 3 to 4 per cent of the Serbian insurance market.

In the meantime, Austrian insurance company Uniqa Group has reached an agreement on the purchase of the majority package share in Zepter Osiguranje, which ranks fifth among insurance firms in Serbia.

The Uniqa Group will pay EUR 16 million for 80 per cent of shares in Zepter Osiguranje.

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