Insurer Croatia Osiguranje yesterday announced the completion of its takeover of local reinsurance entity Croatia Lloyd.
The acquisition enables the firm’s expansion into the reinsurance segment, which the insurer hopes to utilise to give a boost to its affiliate businesses in Macedonia, Bosnia and Herzegovina, Serbia and Slovenia.
Croatia Lloyd had been operating as a professional reinsurance company in Croatia for more than 45 years.
The absorbtion comes as Insurer Croatia seeks more business options as it vies for expansion throughout the Baltic region.
The transaction has been registered with the Zagreb-based commercial court, Croatia Osiguranje said in a Zagreb bourse filing.
Croatia Osiguranje was given approval from HANFA, the region’s financial services supervisory agency, for the transaction early last month.