North Macedonia: Croatia Osiguruvanje - Nezivot capital increase green lighted

10 June 2021 — Daniela GHETU
The Securities and Exchange Commission of North Macedonia announced it gave the green light to Croatia Osiguruvanje - Nezivot (non-life), the local unit of Croatian market leader, to increase its capital by EUR 0.58 million through a new share issue, SeeNews said.

According to the Commission statement, Croatia Osiguruvanje - Nezivot will issue 5,800 ordinary shares at a price of EUR 100 each, equal to their nominal value. However, the shares will remain in the Croatia Osiguranje "family", being bought by the life insurance unit that the Croatian group has in North Macedonia. The capital increase is made with the purpose of complying with regulations under the law on insurance supervision.

The two Macedonian companies of the Croatia Osiguranje group account together for an over 11% share of the market total GWP: while the Croatia Osiguruvanje - Zivot leads the life insurance segment of the market, accounting for 37.6% of the total GWP, Croatia Osiguruvanje - Nezivot ranks 10th on the non-life segment, accounting 5.5% of the total GWP.