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LJUBLJANA (Slovenia), 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.
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.