SERBIA: The Slovenian TRIGLAV Group close to buying DDOR Novi Sad

26 June 2014 — Vlad BOLDIJAR
triglav1The Slovenian insurance Group TRIGLAV is very close to buying Serbia's third insurer - DDOR Novi Sad, currently owned by the Italian group UNIPOL-SAI, recently said dnevnik.si. According to the source, the Serbian insurer is worth about EUR 40 million - 80 million.

At the same time, dnevnik.si noted that UNIPOL-SAI has granted TRIGLAV the exclusive right to buy DDOR after months of negotiations. This summer TRIGLAV is gearing up to run the process of due diligence and afterwards the Slovenians will have to submit a binding bid.

In 2013, the Serbian insurance market totaled RSD 64 billion (EUR 558 million), as showed by the figures published by the National Bank of Serbia. DDOR Novi Sad ranked third, with a market share of about 13% (GWP of RSD 8.3 billion or EUR 72.3 million).

The TRIGLAV Group is active on the Serbian market through TRIGLAV osiguranje. In 2013, on the criterion of the GWP volume, TRIGLAV osiguranje ranked eighth: RSD 1.9 billion (about EUR 17 million), an equivalent of a market share of ~3%.

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