CROATIA: Hanfa approves Merkur osiguranja to take over Wustenrot zivotnog osiguranja

29 November 2022 — Marina MAGNAVAL
On November 14, the Board of Directors of the Croatian Financial Services Supervisory Agency (Hanfa) approved acquisition of 100% capital of Wustenrot Life Insurance (Wustenrot zivotnog osiguranja) by Merkur Insurance (Merkur osiguranja), reported referring to the agency.

The procedure for acquisition of shares in Wustenrot Life Insurance was initiated on the request of Merkur Insurance, and Hanfa granted approval for acquisition of shares in Wustenrot Life Insurance in full. Merkur Insurance intends to carry out this transaction with the Austrian companies Merkur Interational Holding Aktiengesellschaft, Merkur Versicherung Aktiengeselischaft and Merkur Wechselseitige Versicherungsanstalt Vermogensverwaltung.

In the first 10 months of this year, Merkur osiguranje collected GWP worth HRK 199.5 million (~EUR 26.49 million), which is 3.1% more y-o-y, thus achieving a 1.88% share of the Croatian insurance market.

Wustenrot zivotnog osiguranja in the same period achieved a GWP of HRK 47.2 million (~EUR 6.26 million), which is 2.2% more y-o-y, and has a share of 0.44% in the Croatian insurance market.

Earlier in July this year Merkur osiguranje signed an agreement on acquisition of 100% ownership of Wustenrot zivotnog osiguranja with the aim of additional consolidation of its position on the Croatian market. The company noted in its press release that the transfer of the insurance portfolio would not affect obligations to existing clients of Wustenrot zivotnog osiguranja and the employees would be integrated into the team of Merkur osiguranje Hrvatska.

Robert Vrca, President of the Management Board of Merkur osiguranje explained: "We are proud that our vision is becoming a reality and we are strengthening our position on the Croatian insurance market. We are happy to have found a partner with whom we share the same values to provide the highest quality service in life insurance - to our clients and business partners", he said.

Wustenrot life insurance (Wustenrot zivotnog osiguranja) has been operating on the Croatian insurance market since 2012. It was founded by Wustenrot Versicherungs AG from Salzburg as a company specializing in life insurance products on the Croatian market.

Merkur osiguranje has been operating on the Croatian market since 1996. The company was founded by Merkur Versicherung AG from Graz, the oldest Austrian health insurer, founded way back in 1798. The mission of Merkur Insurance is to provide clients with comprehensive security through innovative insurance and best advice in health care, life insurance and personal property protection.

*EUR 1 = HRK 7.53 (01.11.2022)

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