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Nov 29, 2007 18:31 EEST
November 29 (SeeNews) - Slovenia's leading reinsurer Pozavarovalnica Sava said on Thursday it had wrapped up the purchase of 99.92% of the second-largest insurance company in Montenegro, paying nearly 15 million euro ($21.9 million).
Pozavarovalnica Sava has bought 8,794 shares of Podgorica-based Montenegro Osiguranje, equal to a 99.92% stake, the Slovenian company said in a statement.
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“The price for the insurer[...] is 15 million euro for a 100% stake,” it added.
Montenegro Osiguranje ranked second in terms of gross premium revenue with a 21% stake among the six insurance companies operating in the Adriatic country at the end of 2006. Pozavarovalnica Sava expects Montenegro Osiguranje to increase its market share to 25% in the long term.
Montenegro Osiguranje has said it expects its gross premium income to rise by 49.3% to 10.9 million euro this year.
Pozavarovalnica Sava reported a net premium income of 20.7 billion tolars ($117 million/86 million euro) in 2006, up from 17.9 billion tolars in 2005. It has replaced Pozavarovalnica Triglav Re as the country's reinsurance leader in terms of premium income with a 57.53% market share at the end of 2006.
Slovenia switched to the euro from its tolar currency on January 1 at a conversion rate of 239.64 tolars per euro.
($ = 0.68 euro)
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