Kroacija Osiguranje, which operates under Adris Group based in Rovinj, Croatia, has expressed interest in taking over Serbian insurance company Dunav Osiguranje, the Seebiz website claims citing well-informed unofficial sources.
On several occasions, the Rovinj-based insurance group was quite open about its plans to solidify its position on the regional insurance market, and has not refuted claims of the takeover as yet.
“There is no fresh news about this but what we can reiterate is that our goal is to become regional leader in insurance, just like in other lines of business that we are engaged in. Along with organic growth, we are not going to deny that we are interested in acquiring insurance companies”, Kristina Miljavac from Adris Group’s Corporate Communications Department has said. Adris has also expressed interest in expanding into Slovenia where it has already acquired a stake in the Sava Re Company.
“Serbian government could ask about 110 million EUR for Dunav. However, insurance market pundits estimate that the realistic price of the Serbian insurer is much lower so the asked price could be up to 60 million EUR for a majority share”, Seebiz reports.
The International Monetary Fund (IMF) has requested for Dunav to be sold, and the company’s privatization could happen in the latter half of this year. In the first nine months of last year, Dunav generated 1.17 billion dinars of net worth and is the market leader with a 26%. Last year, the company settled 6.9 billion dinars worth of claims. It has also maintained its leadership in aggregate premiums with a market share of 27.4%.
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