VIENNA INSURANCE Group announced this week, an investment of EUR 15 million (HRK 112.30 million) into KVARNER, after the decision of the General assembly of the insurance company.

"Such investment represents a next logical step considering the strategic importance of Croatia in the VIG group", according to the press release.

KVARNER VIG exists in Croatian insurance market over 12 years and is among TOP 5 insurers. Together with HELIOS VIG and ERSTE osiguranje, as a group, it holds 1st position in Croatia in life insurance segment.

"KVARNER VIG the flagship of the VIG group in Croatia With this recapitalization VIG wants to strengthen its position in Croatian market and also build even stronger foundations for the future. Such measure will not only solve the deficit of adequate capital determined by Croatian Agency for Supervision of Financial Services (HANFA) in amount of HRK 7 million in life insurance but this recapitalization went far beyond this amount showing to all of our clients and business partners that KVARNER VIG is a stable and serious insurer", show the press release.

In the first nine months of 2011, the gross written premiums of insurance companies in Croatia decreased in local currency by 1.2%, reaching HRK 6.99 billion (EUR 932 million), compared with total underwritings in the correspondent period of 2010.

KVARNER VIG was the 5th company in the insurance market, with a market share of 4.9%.

Read more statistics and news about Croatian insurance market.