Rovin's Adris Group to acquire Dunav Insurance?

The Adris Group, or Croatia Insurance which is majority owned by the Rovin-based Group, has expressed an interest in acquiring Dunav Insurance, writes SEEbiz, citing a “well-informed unofficial source”.

The Rovin company has several times indicated that it would like to strengthen its position on the regional insurance market. Replying to SEEbiz' questions, they repeated this without denying the unofficial news.

– There are no new facts, we can just repeat that our goal is to become the regional leader, in insurance as in all of our business. Besides organic growth, we do not rule out the possibility of acquisitions in this field – announced Kristina Miljavac of Adris Group corporate communications to SEEbiz.

Apart from Serbia, Adris is interested in expanding in Slovenia where it has already taken a sizeable stake in Sava Re. Although the Insurance Supervisory Agency (AZN) refused them permission to increase their share a few months ago, they launched a judicial protection procedure and insist they will not abandon their intentions.

The Serbian Government could ask for €110m for Dunav Insurance, but astute market observers assess the price lower and that Vučić's government can expect no more than around €60m for a majority share. The privatisation of Dunav Insurance is one of the IMF's demands. Previously undertaken obligations require the privatisation to be completed by the second half of this year.

In the first nine months of last year, Dunav Insurance made a net profit of 1.17 billion dinars. The company has kept its leading position in settling claims with a market share of 26% and a value of liquidated claims of 6.9 billion dinars. It maintained its leadership in aggregate premiums with a Serbian market share of 27.4%.

Translation provided by: www.halifax-translation.com

Dunav osiguranje a.d.o. Beograd

ADRIS Grupa d.d. Rovinj

Croatia osiguranje d.d. Zagreb

Pozavarovalnica Sava Re d.d. Ljubljana

Vlada Republike Srbije

Međunarodni monetarni fond - MMF Beograd

Dunav Insurance

Adris Group

Croatia Insurance

Sava Re

Insurance Supervision Agency

AZN

Government of Serbia

International Monetary Fund

IMF

sale of Dunav Insurance

Kristina Miljavac

Aleksandar Vucic