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Generali completes acquisition of Slovenia’s Adriatic Slovenica, KD Funds

Generali completes acquisition of Slovenia’s Adriatic Slovenica, KD Funds Kritchanut/Shutterstock.com

LJUBLJANA (Slovenia), February 13 (SeeNews) – Italy's Generali Group said on Wednesday its subsidiary in Slovenia has closed the transaction with local financial group KD to acquire the entire capital of insurance company Adriatic Slovenica and management company KD Funds.

The acquisition was completed after receiving all required approvals from regulatory bodies and competition authorities, Generali said in a statement.

“This strategic acquisition moves the Generali Group into 2nd place in the Slovenian market and will enable us to strengthen our regional presence, not only in the field of insurance, in particular in P&C and health, but also in fund management,” Luciano Cirina, Austria, CEE & Russia Regional Officer and CEO of Generali CEE Holding, said.

In May, KD Group said it has sold a 100% stake in Adriatic Slovenica to Generali CEE Holding, part of Italy's Generali Group, for 245 million euro ($286.8 million). Upon receiving the necessary approvals, the closing of the transaction was completed on February 13, 2019 and will be followed by the process of integration of Adriatic Slovenica insurance company and its subsidiaries into the Generali structure in CEE.

Adriatic Slovenica provides a full range of P&C, health, life and pension products, maintaining over 1.7 million insurance contracts serving 500,000 customers, according to the statement.

“In 2017, it generated gross written premiums of 304 million euro ($343 million). With a market share of nearly 14%, the company is the third largest insurance company in the Slovenian market."

Furthermore, the acquisition includes KD Funds, a mutual fund manager with over 750 million euro of assets under management that ranks third in Slovenia with a market share of 20% and also has a presence in Croatia and Macedonia through its subsidiaries, Generali said.

($=0.88511euro)

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