BOSNIA-HERZEGOVINA: A new market leader may arise after ASA Osiguranje's acquisition of the CO's previous target

21 January 2021 — Andrei Victor
The Insurance Supervision Agency of the Federation of BiH has granted approval to ASA osiguranje to buy a 86.46% stake in CENTRAL osiguranje, the acquisition previously targeted by CROATIA osiguranje, local media wrote.

As reported by ASA Finance, which is the majority shareholder of ASA Insurance, the Insurance Supervision Agency of the Federation of BiH approved "the acquisition of 41,513 shares in CENTRAL Insurance in the total value of BAM 25.6 million (EUR 13 million)", as wrote here.

Bosnian insurers reported aggregate 3Q2020 GWP of BAM 569.13 million (~EUR 290.99 million), according to the most recent market data published by AZOBiH - Insurance Agency of Bosnia and Herzegovina.

According to the market figures centralised by, in terms of GWP, the largest insurers in the country were ADRIATIC osiguranje (9.05% market share), SARAJEVO osiguranje (8.89%) and EUROHERC (8.23%). CENTRAL Osiguranje ranked 7th (5.66% market share), while ASA osiguranje ranked 9th (4.96%). The aggregate market share of CENTRAL osiguranje and ASA osiguranje is of 10.62%, thus, following a merger between the two insurers, a new market leader in Bosnia could be born.

About one and a half years ago, CENTRAL osiguranje was a target acquisition for CROATIA osiguranje - one of the largest insurers in CEE and Adriatic region. On June 28, 2018, CROATIA Osiguranje announced it has signed an agreement to acquire through its Bosnian subsidiary the full ownership (a 100% stake) of CENTRAL osiguranje dd and the TESTING Group in Bosnia and Herzegovina (read more here). The transaction received all the regulatory approvals. On January 23th 2019, CROATIA osiguranje has announced that both agreements are canceled (more datails here).

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