August 31 (SeeNews) - French insurer Groupama is taking over its Croatian peer OTP Osiguranje as of September 1, the Croatian company said on Tuesday.
Groupama which currently operates on 11 international markets with more than 11 million clients and premium income of more then 14 billion euro ($16.5 billion) will offer comprehensive and innovative life and non-life insurance products on the Croatian market, OTP Osiguranje said in a press release.
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Following the completion the takeover, the Croatian insurer will change its name to Groupama Osiguranje.
Hungarian financial services group OTP announced in December last year that its Croatian unit, OTP Banka, sold its insurance business to Hungarian insurer Groupama Biztosito, part of the French insurance group.
($=0.8460 euro)