SAVA finalised the aquisition of the two Croation units of ERGO

28 February 2019 —
Zavarovalnica SAVA, part of Slovenian re/insurance group SAVA Re, announced it has finalised the aquisition of the two Croatian units of the German insurance group ERGO, part of MUNICH Re: ERGO osiguranje and ERGO zivotno osiguranje.

"On 27 February 2019, upon the satisfaction of all suspensive conditions, Zavarovalnica Sava acquired 100% of the companies Ergo osiguranje d.d. and Ergo zivotno osiguranje d.d., in accordance with the purchase and sale contract dated 13 April 2018", as the Ljublijana based re/insurer pointed out in a statement.

Zavarovalnica SAVA is present on the Croatian market through a branch office.

The insurer Zavarovalnica SAVA resulted following the merger in the autumn of 2016 of the Slovenian insurer Zavarovalnica TILIA and the two Croatian units - VELEBIT osiguranje and VELEBIT zivotno osiguranje - into Zavarovalnica MARIBOR, acquired itself by SAVA Re in 2013.

At the end of 2018, the Croatian insurance market totaled about HRK 9.9 billion (EUR 1.3 billion), of which one third related to life insurance segment (EUR 423 million), and about two thirds - to non-life (EUR 906 million).

In terms of GWP, ERGO Zivotno Osiguranje was the smallest life insurer in the market, with HRK 770 thousand (EUR 104 thounsand), according to the year-end market figures published by CIB - Croatian Insurance Bureau.

In terms of GWP, the non-life insurer ERGO Osiguranje ranked 11 of 16 market players - premiums of HRK 105.5 million (EUR 14.2 million) - representing a market share of 1.7% .