Croatia Osiguruvanje - Nezivot, subsidiary of Croatia Osiguranje - Croatia's market leader, increased its capital by EUR 580,000 through a new share issue, thus the non-life insurer raised its capital to EUR 7.03 million, SeeNews said.

The insurer's shareholders green lighted the proposed capital increase on June 1 and North Macedonia's Securities and Exchange Commission (SEC) cleared it on June 7. Croatia Osiguruvanje - Nezivot issued 5,800 ordinary shares at a price of EUR 100 each.

After approving the capital increase, SEC explained in its statement that the newly issued shares were subscribed for by life insurer Croatia Osiguruvanje - Zivot, Croatia Osiguranje's another unit in North Macedonia.

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