Sava Re has released the Sava Re Group Solvency and financial condition report 2017, as approved by the management board of Sava Re, with the consent of the Company's supervisory board.
AZN- the Slovenian insurance supervisory body has denied once again allowing Croatian leading insurer CROATIA Osiguranje to increase its ownership in the Sava Re's group parent company, Pozavarovalnica SAVA, to 20% or more, SeeNews reports.
Insurance company Adriatic Slovenica expects faster and better development with the new owner, chairman of the board Gabrijel Skof told the newspaper Primorske Novice on Saturday, just days after it was sold to international group Generali, pending regulatory approval.
Slovenia's insurance regulator has again rejected a request by insurer Croatia Osiguranje to increase its stake in Slovenian insurer Pozavarovalnica Sava, known as Sava Re, to 20% or more, the Croatian company said on Monday.
Slovenian insurers ended 1Q2018 with total GWP worth EUR 643 million, 5.85% up y-o-y. On the paid claims side, the total market expenses wet up by 10.2%, to EUR 411.7 million, driven by the higher compensations paid for Motor Hull and property insurance.
Generali CEE, an affiliate of the world's third biggest insurer, Italy's Generali Group, signed a sales agreement to acquire Adriatic Slovenica from financial group KD Group for EUR 245m on Wednesday. The sale of Slovenia's third biggest insurer will expectedly be completed in the second half of the year.
On 11 May 2018, GENERALI CEE Holding and KD Group entered into an agreement on exclusivity in connection with negotiations for acquisition of 100% ownership interest in ADRIATIC Slovenica, the Italian insurance group has announced.
Slovenian insurers ended 2017 with GWP of EUR 2.18 billion, 5.5% up y-o-y, mostly capitalizing from the life insurance segment's revitalization. Thus, after a weak 2016, when the life insurance business followed a descending path, in 2017 the almost 10% growth of the Unit-Linked insurance products line gave the segment the needed stimulus to re-enter on a positive trend.
Slovenia's insurer Adriatic Slovenica (AS), a subsidiary of financial services provider KD Group, said it has formed a strategic partnership with local healthcare blockchain startup Iryo with the main goal of offering patients better and safer access to their health records.
The Adriatic Slovenica insurance group collected EUR 303.8m in insurance premiums last year, which is 1.7% more than in 2016, while damages payout was up by 2.9% to EUR 223.4m. The group ended 2017 with EUR 11.4m in net profit, down 4.2% year-on-year, according to audited results released on Wednesday.
The Slovenian Administrative Court annulled the Insurance Supervision Agency (AZN) decision to deny the Croatian holding ADRIS Grupa to increase its stake in SAVA Re to more than 20%.
The Slovenian subsidiary of the Austrian insurance group Grawe collected EUR 42.6m in gross insurance premiums in 2017, up EUR 1m from 2016, while posting a net profit of EUR 1.6m, a rise of EUR 300,000, the company said after Monday's shareholder meeting, which discussed last year's business results.
Slovenian-based start-up InsurePal, a distributed social proof insurance platform, said on Wednesday it has raised USD 18 million (14.7 million euro) in its Initial Coin Offering (ICO) by selling-out all 201 million of its tokens.
Slovenian reinsurer SAVA announced that the Slovenian Sovereign Holding (SDH), one of its main shareholders, transferred 1,261,034 of SAVA Re shares to the Republic of Slovenia.
Slovenia's ski slopes saw nearly 900 accidents during the last winter season, with over half the accidents involving children and young people under 20.