August 23 (SeeNews) - Slovenia's insurance regulator had once again denied the request of insurer Croatia Osiguranje to increase its stake in re-insurer Sava Re to 33%, Ljubljana-based media reported on Wednesday.
Slovenian Insurance Supervision Agency (AZN) has not cleared a request lodged on behalf of Croatia Osiguranje by its holding company, diversified conglomerate Adris Grupa, news portal Delo reported, citing unofficial information.
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In October last year, Croatia Osiguranje confirmed that AZN has banned it from increasing its 20% stake in the Slovenian re-insurer.
In May last year, Adris said it had requested the permission of Slovenia's insurance regulator to increase its stake in Sava Re. Three months later, the company received permission to become a direct owner of a stake in Sava Re lower than 20%.
According to Sava Re's website, the company's biggest shareholder as at end-2015 was the state through the Slovenian Sovereign Holding (SSH), with a 25% stake.
Croatia Osiguranje d.d. is among the biggest insurers in SEE. You can download our SEE Top 100 ranking
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