Slovenia: the AZN decision against ADRIS will be reconsidered

15 March 2018 — Vlad BOLDIJAR
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%.

Currently, ADRIS Grupa (including its subsidiaries with fiduciary accounts) held 3,278,049 POSR shares, representing 19.04 % of issued and 21.15 % of outstanding shares of SAVA Re.

Previously, ADRIS Grupa (and its insurance unit CROATIA Osiguranje) requested two times the AZN approval to increase its stake in SAVA Re.

In June 2017, ADRIS Grupa requested clearance to increase its stake in SAVA Re beyond 33%, after that AZN has banned it from increasing its 20% stake in the Slovenian re-insurer in October 2016.

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