Bosnia's Standard Group has decided not to go through with the
acquisition of a majority interest in local insurer Bobar Osiguranje,
local media reported on Thursday. Standard Group has abandoned
earlier plans to recapitalise Bobar Osiguranje with 3.8 million marka
(1.9 million euro), news portal Capital.ba reported.
Bosnian insurer Bobar Osiguranje said on Friday it will launch a public
offering on December 14 to sell 38,000 ordinary shares via the Banja
Luka Stock Exchange. The par value of one share is set at 100 marka, the insurer said in a bourse filing.
Based on the figures released by the insurance agencies in the Federation of Bosnia and Herzegovina (FBiH) and the Srpska Republic (RS), in 3Q2015 the aggregate value of GWP by the 24 insurers active in the two administrative entities that formed the country was EUR 227.2 million, or 4.4% more y-o-y. Overall, the value of claims paid increased by almost 5% y-o-y to EUR 96 million.
Bosnian insurance company Bobar Osiguranje said on Monday it will borrow
5 million marka (2.6 million euro) from the local Bor Banka. The
company's shareholders approved the loan on November 9, the insurer said
in a filing with the Banja Luka Stock Exchange.
Bosnian insurance company Bobar Osiguranje said its shareholders have
approved cutting its capital by 11.95 million marka (6.1 million euro)
to 1.3 million marka through the cancellation of shares while also
backing the issue of new shares with the aim to cover losses and for
legal reserve purposes.
The net profit of Bosnian insurer ASA Osiguranje surged to 131,000 marka
(67,100 euro) in the first nine months of 2015 from 11,400 marka a year
earlier, the company said on Monday in a bourse filing.
Bosnian insurance company Dunav Osiguranje said on Thursday its net loss
narrowed to 1.3 million marka (664,700 euro) in the first nine months
of 2015 from 2.5 million marka a year earlier.
The Insurance Agency of Bosnia's Serb Republic said on Thursday that
Naveen Aggarwal, the director of the Belgrade-based S&A Capital
Investments, and another Indian national have submitted a request to
acquire a stake in currently majority state-owned insurer Krajina
The Insurance Agency of Bosnia's Serb Republic confirmed on Monday that
Bijeljina-based company Standard Group is seeking a nod to become a
majority shareholder in local insurer Bobar Osiguranje. A
spokesperson for the Agency told SeeNews in an email that the request
submitted by Standard Group is currently being processed.
Bijeljina-based Standard Group is interested in recapitalising Bosnian
insurer Bobar Osiguranje with some 4 million marka (2.04 million euro),
becoming a 76% shareholder in the company, local media reported.
Bosnian insurance company Dunav Osiguranje said on Monday it plans to
hike capital by 3.3 million marka (1.7 million euro) through a new share
issue in a placement to a qualified investor. Dunav Osiguranje
plans to issue 33,149 ordinary shares with a par value of 100 marka
each, the company said in a filing with the Banja Luka Stock Exchange.
The 24 insurers operating in the two administrative entities of Bosnia and Herzegovina (FBiH - Federation of Bosnia and Herzegovina and RS - Republika Srpska) reported GWP of BAM 293.8 million (EUR 150.23 million), up 3.7% y-o-y, according to the aggregate figures provided by the two market authorities (NADOS - Insurance Supervisory Agency of FBiH and AZORS - Insurance Agency of RS).
Bosnian insurer Bobar Osiguranje said on Tuesday it has extended until
October 29 the validity of a public offer for the sale of 70,000 new
ordinary shares via the Banja Luka Stock Exchange. Bobar
Osiguranje said in a bourse filing that Maltese company Argentarius ETI
Management LTD has expressed interest in purchasing over 50% of
company's capital and added that it has decided to extend the deadline
for the share issue by a period of 30 days so that the foreign investor
can meet the relevant legal and company procedures for the acquisition.
The net profit of Bosnian insurer Sarajevo Osiguranje dropped 32.2% to
105,000 marka in the first half of 2015, the company said on Wednesday. Sarajevo
Osiguranje's gross written premiums fell 11.8% to 31.8 million marka
through June, while its net operating costs decreased to 9.5 million
marka from 11.4 million marka, the insurance company said in a filing
with the Sarajevo Stock Exchange.
The gross written premiums of Bosnian insurer ASA Osiguranje surged 34%
to 8.5 million marka in the first six months of 2015, the insurer said
on Monday. In the first half of the year, ASA Osiguranje saw a
31% increase in written premiums from mandatory insurance and a 40%
growth in premiums from voluntary insurance products, the company said
in a press release made available to SeeNews.
Bosnia's Wiener Osiguranje, part of the Vienna Insurance Group, said on Wednesday it is cutting its capital by 4.3 million marka to 11.2 million marka to partially cover accumulated losses and to establish legal reserves.
Bosnian insurer Mikrofin Osiguranje Banja Luka said on Monday its net profit edged down 2.3% to 419,000 marka in the first half of 2015.
The Bosnian unit of Austrian insurer Merkur Versicherung said on Monday its net profit dropped 11.5% to 1.7 million marka in the first six months of 2015.
The IMF Directors commended the improvements in banking and insurance oversight since the 2006 Financial System Stability Assessment (FSSA), but noted that important shortcomings remain, stated a recent IMF press release after the IMF's Executive Board session on June 29th, where the Financial System Stability Assessment of Bosnia and Herzegovina (BiH) was discussed.
Sarajevo Insurance was declared the best insurance company in Bosnia and
Herzegovina in 2014 by the expert jury of BiH financial magazine
"Prizma" and consulting company "Revicon".