December 12 (SeeNews) - Insurer Croatia Osiguranje said on Monday it has received approval to execute reinsurance contracts within its non-life insurance department.
Croatia Osiguranje received the approval of financial watchdog HANFA on December 9, it said in a filing with the Zagreb bourse.
In May, Adris, the owner of the Croatian insurer, said it had requested the permission of Slovenia's insurance regulator to increase its stake in re-insurer Sava Re. Three months later, the company received permission to become a direct owner of a stake lower than 20% in Sava Re.
However, in October Croatia Osiguranje said it was banned by its Slovenian peer from performing the transaction.
The company said at the time that the Slovenian regulator had issued a decision banning it from raising its stake in the re-insurer to up to 33%.
According to information posted on Sava Re's website, the company's biggest owner as at end-2015 was the state through the Slovenian Sovereign Holding (SSH), with a 25% stake.