Rumors: GRAWE to expand its presence in Montenegro by acquiring non-life insurer SWISS osiguranje

3 March 2020 — Andrei Victor
Austrian insurer GRAWE, which has made in the past year a number of acquisitions in Bosnia and Herzegovina, is considering to take similar actions in Montenegro throught its local subsidiary active only in life insurance market - GRAWE osiguranje, local media informed.

Thus, local newspapet Vijesti quoted by www.bankar.me here wrote GRAWE is negociating to acquire an initial 30% stake in SWISS osiguranje. "and then expanding the business to non-life insurance and buying the remaining shares. We are in negotiations, but nothing has been finally agreed. A large number of Swiss shareholders are concerned", a source from GRAWE, who is in talks, told unofficially, wrote bankar.me.

GRAWE osiguranje is the largest life insurer in Montenegro (out of four insurers) - GWP of EUR 7.08 million in 2019, market share of 41.33%. On the other side, SWISS osiguranje was the smalles non-life insurer in the country (out of five players) -GWP of EUR 6.63 million, 8.54% market share.

GRAWE operates on Montenegrin market since September 2004. On local market, in 2017 GRAWE acquired MERCUR osiguranje for EUR 1.39 million and took over the remaining assets of ATLAS life, a bankrupt insurance company two years ago. In Bosnia and Herzegovina, through its two subsidiaries based in FBiH and RS, has acquired VGT osiguranje, ATOS osiguranje, and recently purchased DUNAV osiguranje's life insurance portfolio.

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