Sanel VOLARIC is the new CEO of CROATIA Osiguranje

8 May 2014 — Daniela GHETU
croatia_osiguranjeStarting May 10th, 2014 Sanel VOLARIC will be the new CEO of CROATIA Osiguranje (CO), the Croatian insurance market's leader. The Croatian supervising authority has also approved the appointment of Andrej KOSTOMAJ and Nikola MISETIC as members of the CO Board. The new management team's task is to implement the CO's restructuring plan after the company's purchase by the ADRIS Group.

Sanel VOLARIC previously worked for ALLIANZ Zagreb, holding different management positions within the Croatian unit of the German group. Since April 2010 he was ALLIANZ CEEMA's Regional COO Deputy, in fact acting as a Regional Manager for IT Business Solutions. His 14 years experience covers planning, budgeting and controlling in the sales area as well as in the IT projects and activities. VOLARIC is a graduate of the Zagreb's University Faculty of Electrical Engineering and Computing and has a MBA degree in Economics and Business.

CROATIA Osiguranje Group, which consists of 13 subsidiaries, achieved in 2013 gross written premiums of EUR 0.4 billion (HRK 3.1 billion), of which non-life insurance GWP amounted to HRK 2.7 billion, while gross life insurance premiums amounted to HRK 417.6 million. The total assets of the Group as of December 31st, 2013 amounted to EUR 1.18 billion (HRK 9.2 billion).

By the end of 2013, CO's market share was 30.3%, including the 1.4% share of CROATIA health insurance. The company maintained its leading position on the non-life insurance segment, with a 34.7% share, while on the life insurance market it ranked second, with a 14% market share. Written premiums amounted to EUR 0.34 billion (HRK 2.63 billion), of which EUR 297 million (HRK 2.27 billion) for non-life insurance and EUR 46.62 million (HRK 356.1 million) for life.

In December, the Croatian Government accepted the acquisition offer of the local tobacco-to-tourism conglomerate ADRIS Grupa for a 39.05% of the insurer. ADRIS Grupa offered to also recapitalize CROATIA Osiguranje with EUR 110 million.

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