Bosnia: The merger ASA-Central osiguranje will create the largest insurer in the country

12 December 2022 —
At the end of the year, Bosnian insurers ASA Osiguranje and Central osiguranje will be officially merged, local media informed. The merger will create the largest insurer in the country with more than 11% market share.

On December 31, 2022 ASA Osiguranje "will take over all the rights and obligations of Central osiguranje which be deleted from the court register of business companies. (...) Decisions on the merger were made by the assemblies of both companies. After the merger, ASA osiguranje will not change its legal status", reports osiguranje.hr here.

In 2021, ASA osiguranje purchased 86.46% of the shares of Central Osiguranje for BAM 25.6 million (~EUR 13.08 million). Later, the share was increased to 95% by purchasing shares for BAM 3 million (EUR 1.53 million). The remaining 5% of shares are controlled by CEPS - Center for Business Studies Kiseljak. After the merger, the number of insurance companies in Bosnia and Herzegovina will decrease to 24, and in the Federation of Bosnia and Herzegovina to 10.

The insurance market of Bosnia and Herzegovina ended the first nine months of the current year with aggregate gross written premiums worth BAM 668.66 million (~EUR 341.88 million) vs. BAM 618.26 million (~EUR 316.11 million) a year before, according to the January-September 2022 market data published by AZOBiH - Insurance Agency of Bosnia and Herzegovina. Click here to read more.

In therms of GWP, the largest insurers in the country are the FBiH based insurers Adriatic osiguranje (9.26% market share) Uniqa osiguranje (8.30%) and Triglav osiguranje (7.80%). ASA osiguranje (5.76%) and Central osiguranje (5.57%) ranked 7th and 8th. After the merger, ASA osiguranje will become the largest insurer in the country with more than 11% market share.

Access www.xprimm.com and download the 3Q2022 BiH insurance market statistics.

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