October 26 (SeeNews) - Slovenia's insurance regulator had banned insurer Croatia Osiguranje from increasing its 20% stake in re-insurer Sava Re, the latter said on Wednesday.
Croatia Osiguranje, owned by diversified conglomerate Adris Grupa, said in a filing with the Zagreb bourse that the Slovenian regulator had issued a decision banning it from raising its stake in the re-insurer to up to 33%.
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In May, 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, but of less than 20%.
According to Sava Re's website, the company's biggest owner as at end-2015 was the state through the Slovenian Sovereign Holding (SSH), with a 25% stake.
In December, Adris said it would invest almost 2 billion kuna ($291.7 million/267.1 million euro) in its insurance unit, Croatia Osiguranje, in 2016-2018.
The company said at the time it will expand its insurance business in the region once it has completed the operational restructuring of its local insurer.
(euro=7.50437 kuna)