This goal could be achieved through organic growth or acquisitions and, in this sense, ADRIS is also interested in the region's biggest insurers, the Croatian company said in a statement.
In December, the Croatian government accepted ADRIS Grupa's HRK 905.1 million (USD 153 million / EUR 119 million) acquisition offer for 39.05% of insurer CROATIA Osiguranje. ADRIS Grupa offered to also recapitalize CROATIA Osiguranje with EUR 110 million (USD 142 million).
ADRIS added it paid in full on Monday HRK 840.2 million to recapitalize CROATIA Osiguranje as agreed with the government in Zagreb in March when the two sides signed the deal for the transfer of the respective equity package.
The paid-in funds with strengthen CROATIA Osiguranje's capital base, will enable faster and more efficient restructuring of the company and will ensure business growth and development so that the insurer, on the backdrop of substantially changed market conditions, could preserve and strengthen its position of market leader in Croatia and prepare for a stronger breakthrough in the region, ADRIS said in a statement.
CROATIA Osiguranje turned to a consolidated net loss of HRK 24 million in 2013 from a net profit of HRK 127 million a year earlier as consolidated total written premiums fell 1.0% to HRK 3.1 billion. Read the full story
CROATIA's ADRIS says biggest SEE insurers possible acquisition targets