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Croatia's ERGO insurance funds cease to exist - regulator

Author Iskra Pavlova
Croatia's ERGO insurance funds cease to exist - regulator Image via Flickr/Joe Gratz (CC0 1.0)

ZAGREB (Croatia), January 21 (SeeNews) - Croatia's Financial Services Supervisory Agency (HANFA) said local insurers ERGO Osiguranje and ERGO Zivotno Osiguranje have seized to exist after their operational licences expired.

The licences expiry follows the recent acquisition of the portfolios of the two insurers by Sava Osiguranje, the Croatian branch of Slovenian reinsurer Sava Re, HANFA said in a statement last week.

In December, Sava Osiguranje said it has completed the process of acquiring ERGO Osiguranje and ERGO Zivotno Osiguranje, in line with its strategy for further growth.

In April, Sava Re announced it had reached an agreement to buy the two insurers. The price tag has remained undisclosed.

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