Market regulator HANFA on Friday announced that it has approved a takeover bid by Adris for the remaining free float in insurer Croatia Osiguranje. The obligation to make the bid was triggered by the purchase of a 39.7% stake from the government, with which it acts in concert. For the remaining 54,096 common and preferred shares of Croatia Osiguranje, Adris is offering HRK 7,412.25 per share, equal to the price paid for the government stake and new shares issue in the capital increase, valuing the free float at HRK 401mn.
UNIQA Insurance Group AG (UNIQA) completed the acquisitions in full of
the Croatian and Serbian insurance operations of the Swiss Baloise Group
on March 11. The relevant agreements were closed following approval by
all of the Austrian, Croatian and Serbian authorities involved. The
agreement on the acquisition of Baloise's subsidiaries in Croatia and
Serbia by UNIQA was signed in October 2013. The price for the
acquisition is 75 million euros.
The 2013 results of the Croatian insurance market show a 0.4% growth in GWP, when denominated in local currency, but a 0.8% decrease in euro, reflecting, in fact, a stagnant status of the insurance business. Total GWP amounted to aprox. EUR 1.2 billion, with a 28% share of life insurance premiums.
The Croatian government on Wednesday selected the binding offer of the
Rovinj-based Adris Grupa for the acquisition of a portion in the Croatia
Osiguranje insurer, as it offered 905 million kuna for 39.05% of the
ordinary stock in the insurance company, which means EUR 970.45 per
Croatian insurance market totaled HRK 6.9 billion (EUR 910 million) in the first nine months of 2013, up 0.96% from a year earlier, according to the financial figures published by the Croatian Insurance Bureau. As in previous reporting periods, the market leaders were CROATIA Osiguranje with a 30.5% market share, followed by ALLIANZ Zagreb with 13.2% and EUROHERC (10.2%).
Hungary's biggest lender OTP is among the companies looking to bid in
the privatization of Croatia-based Hrvatska Postanska Banka and national
insurance company Croatia Osiguranje, Croatia's post bank and insurance
The first half of 2013 ended for the Croatian insurers with a total GWP premium fairly equal to the one recorded in 1H2012, of HRK 4.9 billion (0.35% up y-o-y). Denominated in European currency, due to a minor appreciation of the Croatian Kuna, the figures show a slightly better image, with a nominal y-o-y growth rate of 1.14%, to EUR 659.5 million. The life insurance segment deserves all the credit for this positive trend, showing a 5.9% growth in local currency, while GWP for the non-life business lines decreased by 1.4%.
A total of seven companies, including Vienna Insurance Group (VIG), American International Group (AIG) and German insurer Ergo Versicherungsgruppe AG, filed expressions of interest for a stake in Croatia Osiguranje [ZSE:CROS-R-A], Zagreb-based media reported on Tuesday.
Croatia's Croatia Osiguranje (CO) insurance company is continuing to
increase its share in Slovenia's Pozavarovalnica Sava, planning to
acquire a controlling interest, Ljubljana's Dnevnik daily said on
Croatia opened a tender on Wednesday for the sale of a stake in its
leading insurer Croatia Osiguranje (CO), which could be around 50-55
New EU member Croatia, under pressure to cut its debt, approved
long-awaited plans on Thursday to sell stakes in HPB, its last state-run
bank, and in leading local insurer CO (Croatia Osiguranje).
Coface has started offering credit insurance services in Croatia following the country's accession to the European Union.
The biggest Croatian insurer Croatia osiguranje has disclosed it wants to acquire a 25% stake in reinsurer Pozavarovalnica Sava, announcing it had participated in the recent capital injection at the Slovenian company.
The gross premium of the 27 Croatian insurance companies totalled HRK
4.12 billion in the first five months of 2013, up 0.4 per cent on the
year, the Croatian Insurance Office has said on Tuesday.
For the first quarter 2013, the 27 Croatian insurance companies generated HRK 2.52 billion (EUR 332 billion) in gross written premiums, a 0.7% decrease compared with the same period last year, according to the figures published by the Croatian Insurance Bureau. The market leaders were CROATIA Osiguranje with a 35.7% market share, followed by ALLIANZ Zagreb with 13.5% and EUROHERC (8.5%).
Croatia's top insurer will not sacrifice profit margins as the price of
expansion as looks to keep its dominant local position and strengthen
its regional presence ahead of a government stake sale, its CEO said.
Vienna Insurance Group (VIG) said the entity resulting from the merger of its Croatian units Kvarner and Helios will operate under the brand Wiener Osiguranje Vienna Insurance Group as of June.
Croatia's 27 insurers posted combined gross written premiums of 3.28 billion kuna ($563.8 million/431 million euro) in the first four months of 2013, up 0.3% from a year earlier, the Croatian Insurance Bureau said.
The Croatian government is gearing up to privatize the country's biggest
insurance company and seventh biggest bank, according to reports.
The privatisation of the Croatia Osiguranje insurance company and the
Croatian Postal Bank (HPB) is entering the final stage and a tender is
expected to be advertised by early May, Finance Minister Slavko Linic
told the parliamentary Finance Committee on Tuesday.