Sava Re, a leading Slovenian re/insurer, has announced that it has acquired the majority shareholding in rival insurer Energoprojekt Garant a.d., Begrade for an undisclosed sum.
Parent company Energoprojekt Holding a.d., Belgrade offered to sell Slava Re 93% of the shares in its insurance subsidiary, which specialises in construction and liability insurance.
Sava Re has suggested that the acquisition will allow it to significantly diversify its Serbian non-life insurance portfolio and move beyond its current focus on the motor business.
Following the acquisition, Sava Re has revealed that it will merge Energoprojekt Garant with its existing subsidiary, the Serbian non-life insurer Sava neživotno osiguranje a.d.o., Belgrade, after which it will optimise the subsidiary’s capital structure.
Sava Re, which operates across Slovenia, Croatia, Serbia, Montenegro, Macedonia and Kosovo, has suggested that this latest acquisition represents a step forward in “implementing its strategy of strengthening its position in the markets where it is present.”
The transaction has already been approved by Serbia’s central bank and other regulators, and the shares in question have been traded through the Belgrade stock exchange.