The Croatian holding ADRIS Grupa and the shareholder of the largest Croatian insurer - CROATIA osiguranje, have lost the legal battle in Supreme Court due to an increase in their stake in Slovenian SAVA Re, informed local media.

ADRIS appeals the Supreme Court after the Administrative Court of the Republic of Slovenia, rejected the claim lodged by ADRIS grupa and CROATIA osiguranje against the Decision of the Insurance Supervisory Agency denying approval for acquisition of shares of Pozavarovalnica SAVA.

The acquisition would have resulted in ADRIS grupa and CROATIA osiguranje becoming direct or indirect holders of a share in the capital of 20% or more of the capital of SAVA Re.