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Slovenian Triglav Acquires Leading Macedonian Insurer

Jun 3, 2007

Slovenian Triglav acquires leading Macedonian insurer

BELGRADE, June 4 (Xinhua) -- Slovenia's largest insurance company Zavarovalnica Triglav signed here on Monday a contract on the purchase of a leading Macedonian insurer, which is a key step for the company's ambition to be a regional market leader.

The contract to buy Vardar Osiguranje was signed by Triglav chairman Andrej Kocic, its chief supervisor Damjan Mihevc and Vardar Osiguranje general manager Stojan Klopcevski, said a statement released by Triglav.

Triglav did not reveal how much it paid for the deal, but the statement said the company was now present in eight markets, holding the leading position in Slovenia, Montenegro and Macedonia.

Focusing on car insurance, Vardar commanded a 27 percent market share at the end of 2006. Its 156 employees generated 25 million euros in premiums and 1.49 million euros in profit.

Triglav, which commands a 43.5 percent market share in Slovenia, has reported a net profit of 36.3 million euros for 2006, a 31 percent rise over the year before. Triglav's total premiums for last year stood at 817 million euros, up 15 percent over 2005. Its goal is to become the biggest insurer in Southeast Europe by 2008.

(c) 2007 Xinhua News Agency - CEIS. Provided by ProQuest Information and Learning. All rights Reserved.

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