Slovenian ISA approved the merger between GENERALI and ADRIATIC SLOVENICA

11 December 2019 — Andrei Victor
The Insurance Supervesion Agency of Slovenia authorised the merger of local players Zavarovalnica GENERALI and ADRIATIC SLOVENICA, with the procedure to be finalised with the entry into the court register, expectedly at the beginning of 2020, local media wrote.

"The takeover will merge the Slovenian insurance companies Zavarovalnica GENERALI and ADRIATIC SLOVENICA, which will become official at the beginning of next year, with the new insurer named GENERALI", wrote SLOVENIA TIMES.

On 13 February 2019, GENERALI Group announced that ADRIATIC SLOVENICA's has been completed. The agreement with the sole shareholder of ADRIATIC SLOVENIA, KD Group was signed in on 23 May 2018, for EUR 245 million. The transaction also includes the acquisition of KD Funds, Management company LLC. In both cases the vendor is the Slovenian unit of the financial group KD.

By this merger the Italian group created the second largest insurance company in the country, with an market share of ~18%. Currently, Slovenia's largest insurer is Zavarovalnica TRIGLAV, followed by Zavarovalnica SAVA.

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