Grawe has confirmed for the local financial press the acquisition of Merkur Insurance Podgorica, the Austrian Merkur International Holding 100% owned subsidiary from Montenegro, in a deal worth EUR 1.39 million.

According to osiguranje.hr, the transaction carried out through CG broker consisted in the acquisition of 19,000 share at average price of around EUR 73.15.

Grawe Insurance entered the insurance market of Montenegro in 2004. The company is fully owned by the Austrian Grawe (Grazer Wechselseitige Versicherung AG). Merkur Insurance Podgorica was established in 2008.

Grawe is the life insurance leading company in Montenegro, with a 38.5% market share (GWP of EUR 4.98 million in 2015)m while Merkur ranks third on the same market segment, with a 16% share of the total life GWP (own GWP volume - EUR 2 million).