GENERALI acquires full control of Serbia's second-largest insurer

12 June 2014 — Vlad BOLDIJAR
generali7GPH (the GENERALI's CEE holding company) has reached an agreement for the acquisition by the Serbian DELTA Group of the minority interests held by the partner in DELTA GENERALI Osiguranje. The minority buyout of shares has already been approved by the National Bank of Serbia.

After completion of the acquisition GENERALI will also have full control of DELTA GENERALI Reosiguranje, DELTA GENERALI Voluntary Pension Fund and BLUTEK Auto.

According to GPH's press release, "GENERALI's activities in Serbia will face a rebranding procedure in line with GENERALI's new corporate identity."

"The acquisition of the minority interest in Serbia is consistent with GENERALI's aim to have full control of our important business units also in Central and Eastern Europe. This investment is a testament to the importance of Serbia as a substantial part of our business in the CEE region, an area with sustainable growth prospects. We are very grateful to the DELTA Group whose support and effective cooperation has been a key to build successful operations over the years," said GPH CEO, Luciano CIRINA.

With a premium income totaling EUR 130.5 million and a market share of 20% in 2013, DELTA GENERALI Osiguranje is the second-largest insurance provider in Serbia. DELTA GENERALI was established in 2006, within a short time reaching the first position on the Serbian life insurance market with a share of 26.6% in 2013 and the second one in P&C with 17.6%.

In Central and Eastern Europe, GENERALI operates through its holding company GPH in 10 countries: the Czech Republic, Hungary, Poland, Slovakia, Serbia, Montenegro, Slovenia, Croatia, Romania and Bulgaria.

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