CROATIA Osiguranje's ownership increase in SAVA Re - the saga continues

AZN- the Slovenian insurance supervisory body has denied once again allowing Croatian leading insurer CROATIA Osiguranje to increase its ownership in the Sava Re's group parent company, Pozavarovalnica SAVA, to 20% or more, SeeNews reports.

The Croatian insurer, the insurance arm of the diversified ADRIS Group, said it is now in a position to file a suit against the decision with the Administrative Court of Slovenia.

This would be the second round of litigation on this issue, following the Slovenia's Administrative Court decision in March, when it ruled in favor of ADRIS Group in a lawsuit against AZN on the very same topic.

Currently, ADRIS Group (including its subsidiaries with fiduciary accounts) holds 3,278,049 POSR shares, representing 19.04 % of issued and 21.15 % of outstanding shares of SAVA Re.

ADRIS Group (through its insurance unit CROATIA Osiguranje) has already requested two times the AZN approval to increase its stake in SAVA Re: the authority has banned it from increasing its 20% stake in the Slovenian re-insurer in October 2016 and after that, in June 2017, the request for clearance was renewed, with a declared target of over 33%. Up to this moment, none of these requests were approved, the reasons behind the AZN decisions being not disclosed.

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