October 4 (SeeNews) - Croatian businessman Jako Andabak is in talks for the sale of his insurance company, Izvor Osiguranje, local media reported on Friday.
Speaking to news daily Poslovni Dnevnik, Andabak confirmed that he has been negotiating a possible deal but declined to disclose details.
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According to the report, the alleged buyer is Zagreb-based Generali Osiguranje, part of Italian insurance group Assicurazioni Generali, which seeks to raise its share on the Croatian market to 10% from the current 7.5%.
Andabak established Izvor Osiguranje back in 2011. The insurer now controls some 1% of the local market.
Andabak is one of the owners of Croatia's Sunce Koncern, which manages several hotels on the Adriatic coast under the Blue Sun Hotels & Resorts brand.
Twenty insurers were active in Croatia at the end of June. Croatia Osiguranje is the largest of them, accounting for 27.9% of the market's total gross written premiums, according to data from the Croatian Insurance Bureau.