Basler to operate under Uniqa osiguranje brand in Croatia and Serbia in six months at most
Zoran Visnjic, a member of the Managing Board of Uniqa osiguranje, has said that this insurance company took over Basler osiguranje in Serbia and Croatia on March 11 at a price totaling EUR 75 million.
With this acquisition, Uniqa osiguranje's market share in Serbia has grown from 7.3 to 8 percent, Visnjic told a press conference, stressing that Uniqa osiguranje would rank fifth in that regard.
- This acquisition shows that the Uniqa group believes in the long-term potential of the insurance market in southeast Europe and that it is ready to invest additional capital in the expansion of retail network and the acquisition of new clients and business partners. In this way, we have improved the market position of Uniqa osiguranje in Serbia and even more in Croatia. Objectives are clear - a profitable growth of the company through implementation of diversified model of distribution and the offer of complete assortment of insurance products, with a superior service and maximum security for our clients - said Zoran Visnjic.
Visnjic added that the transaction in Croatia totaled about EUR 67 million. He assessed that the insurance market in Serbia was stagnating, noting that the overall insurance premium in Serbia accounted for less than 2 percent of gross domestic product (GDP).
Franz Weiler, the chairman of the Executive Committee of Uniqa osiguranje Serbia, said that Uniqa currently owed four insurance companies in Serbia.
- Uniqa plans to consolidate the new company in Serbia over the next six months, which will operate under the joint brand of Uniqa osiguranje - Weiler announced.
In addition to Serbia and Croatia, Uniqa is also present in Albania, Bosnia-Herzegovina, Bulgaria, Macedonia and Montenegro in the Balkans. In 19 offices across Serbia and the company headquarters in Belgrade, Uniqa employs 590 people who take care of about half a million clients. The total premium of the company is RSD 4.7 billion, while its market share is around 7.4 percent at the moment.
The Basler insurance company began its operations in Serbia in 2007. It now has over 100 employees, 35,000 clients, and its premium in 2013 amounted to RSD 500 million. With a market share of 0.8 percent, the company ranked 13th in the Serbian insurance market at the end of 2013.
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