CROATIA osiguranje to absorb its credit insurance unit

The Central Depository and Clearing Company - SKDD announced that Croatia Osiguranje absorbed its credit insurance unit unit Croatia Osiguranje Kredita. "The corporate action of Acquisition of the Companies will be executed on 1 October 2018", as the institution announced in a statement.

CROATIA osiguranje Group (CO Group) - one of the largest insurer in the Adriatic region announced this summer on the Zagreb Stock Exchange website it will merge its credit unit through absorption- CROATIA osiguranje kredita into CROATIA osiguranje.

A year before, CO group merged through absorption CROATIA osiguranje and its private health insurance unit - CROATIA zdravstveno osiguranje.

In October 2017, CROATIA Osiguranje (CO) has received the approval from Croatian Financial Market Authority (HANFA) to acquire more than 50 % of the shares of the local French unit of BNP PARIBAS - CARDIF Osiguranje.

The Announcement was published on the Zagreb Stock Exchange website. Previously, at the end of May, CO announced it has concluded a purchase agreement for the acquisition of 100% of CARDIF Osiguranje insurance company from BNP PARIBAS. The transaction amount was not disclosed.

After the transaction was completed, CARDIF Osiguranje was renamed into the currently CROATIA osiguranje kredita.

Founded in 1884, CROATIA Osiguraje is the largest and oldest insurer in Croatia - with the government as majority stackeholder until 2014. Currently, CROATIA osiguranje is owned by the Rovinj based consortium ADRIS Grupa - with businesses in tourism, real estate, tobacco and food industry. At the international level, CROATIA Osiguranje operates in Slovenia, Serbia and Macedonia.

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