June 28 (SeeNews) - Slovenian insurance group Sava Re [LJE:POSR] plans to merge four subsidiaries - two domestic and two Croatian - into one, simplifying its organisational structure.
Under the plan, Sava Re's 100%-owned composite insurer Zavarovalnica Maribor will acquire fellow peer Zavarovalnica Tilia, which is also 100%-owned by Sava Re. Zavarovalnica Maribor will also take over Croatian non-life insurer Velebit osiguranje and life insurer Velebit zivotno osiguranje, Sava Re said in a bourse filing on Monday.
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Sava Re owns 98.02% of Velebit osiguranje and 88.71% of Velebit zivotno osiguranje.
In May, Zavarovalnica Maribor set up a branch office in Croatia, through which the merged insurer will operate.
The planned mergers were approved by the four companies' general shareholders meetings held earlier this month.
The merger documents have already been submitted to Slovenia's Insurance Supervision Agency for approval.