July 20 (SeeNews) - Croatian insurer Merkur Osiguranje said it has signed a deal to take over 100% of life insurer Wuestenrot Zivotno Osiguranje friom Austrian insurer Wuestenrot Versicherungs to further consolidate its position on the Croatian market.
The deal will be finalised following approval by the respective regulators for supervision and protection of market competition, it said in a press release on Tuesday.
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The value of the deal was not disclosed.
Wuestenrot Zivotno Osiguranje has been operating on the Croatian market since 2012.
Merkur has been operating in Croatia since 1996. It was set up by Austrian insurer Merkur Versicherung.
According to data of the Croatian Insurance Bureau, there were 15 insurers registered in the Adriatic country of 3.89 million people last month.
Merkur's gross written premiums (GWP) totalled 123.3 million kuna ($16.8 million/16.4 million euro) in the first half of this year, while the gross written premiums of Wuestenrot added up to 27.6 million kuna.
The overall GWP of Croatia-based insurers rose 7.53% on the year in the first half of 2022, reaching 6.89 billion kuna.
(1 euro = 7.509 Croatian kuna)
Merkur Osiguranje d.d. is among the biggest insurers in SEE. You can download our SEE Top 100 ranking
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