Montenegro: SWISS Osiguranje officialy renamed into GRAWE nezivotno osiguranje

9 February 2021 —
Montenegrin smallest non-life insurer SWISS Osiguranje officially renamed into GRAWE nezivotno osiguranje, according to a notice published on 27 January 2020 on the Montenegro Stock Exchange website.

"We would like to inform you that the Insurance Company "SWISS Osiguranje" AD Podgorica has changed its name to the Insurance Company "GRAWE nezivotno osiguranje" AD Podgorica. Symbol of trade SWIO has remained unchanged".

ANO - The Montenegrin Insurance Supervision Agency announced that on August 26, 2020, the Council has issued the Decision on the appropval for the Austrian group GRAZER Wechselseitige Versicherung Aktiengesellschaft to buy the majority stake in SWISS Osiguranje. (Click here to read more)

GRAWE osiguranje is the largest life insurer in Montenegro (out of four insurers) - GWP of EUR 8.36 million in 2020, market share of 42.40%.

On the other side, SWISS osiguranje was the smalles non-life insurer in the country (out of five players) -GWP of EUR 6.34 million, 8.58% market share.

Click here to read the FY2020 Montenegrin insurance market results centralised by xprimm. At the same time you can access XPRIMM Database and download the FY2020 Montenegrin insurance market statistics.

GRAWE operates on the Montenegrin market since September 2004. On the local market, in 2017 GRAWE acquired MERCUR osiguranje for EUR 1.39 million and took over the remaining assets of ATLAS life, a bankrupt insurance company two years ago.

At the same time, in the neighboring country Bosnia and Herzegovina, through its two subsidiaries based in FBiH and RS, has acquired VGT osiguranje, ATOS osiguranje, and DUNAV osiguranje's life insurance portfolio.