CROATIA: GENERALI to consolidate its position by acquiring IZVOR osiguranje

22 October 2019 — Andrei Victor
GENERALI CEE Holding announced it will expand on Croatian insurance market by acquiring the business of local non-life insurer IZVOR osiguranje: "The transaction will be finalized after receiving the approval of the relevant supervisory and competition authorities and is aimed to further consolidate GENERALI's position on the Croatian market".

The parties have agreed not to provide details of the purchase price and other terms, as GENERALI CEE Holding announced on its website.

Founded in 2011, IZVOR osiguranje is a privately-owned non-life insurance company. Its offer includes motor, property, travel, liability and accident insurance and other types of insurance services.

"We are proud to continue strengthening our position on the Croatian market by welcoming the clients of IZVOR osiguranje. At the same time, we are happy to provide them with the highest quality services and innovative, and personalized products accessible anytime and anywhere. In line with our GENERALI 2021 strategy, we are growing our commitment in Croatia and the entire Austria, CEE and Russia Region, further increasing our value proposition on the way to becoming lifetime partners to our clients", pointed out Luciano CIRINA, Austria, CEE & Russia Regional Officer and CEO of GENERALI CEE Holding.

According to the H1 2019 published by HUO (Croatian Insurers Association) and centralized by Xprimm, of total 18 active insurers, GENERALI was the 5th largest in the country as GWP (EUR 57.9 million, market share of 7.4%), while IZVOR osigurane ranked 13th (EUR 5 million, 0.6%).

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