LJUBLJANA (Slovenia), February 3 (SeeNews) – Slovenian reinsurer Sava Re Group said on Wednesday it is winding up Skopje-registered fund management company Sava Invest due to the negative effect of the global economic crisis on the stock markets.
The board of directors of Sava Invest adopted the decision to voluntarily wind up the company jointly owned by Sava Re and Skopje-based insurer Sava Tabak, Sava Re said in a statement.
"This decision triggers proceedings for the liquidation of the investment funds Sava Invest Rasteči and Sava Invest Balansirajuči before the competent authorities in the Republic of Macedonia. The assets of the funds are, subsequent to settlement of any debts, distributed among investors in proportion to their investments," the statement said.
“The global economic crisis with strong repercussions in stock markets impacted the results of the company. We believe that the investment will not yield satisfactory results in the short term, neither is the activity complementary to the Group's core business."
The decision for the winding up of Sava Invest has no influence on the existence and operation of Sava Tabak, the second largest general insurer in Macedonia with an 18% market share, the statement said.
Sava Re is present on the insurance markets of Slovenia, Serbia, Montenegro, Macedonia and Kosovo, and in the global reinsurance market. In addition to insurance and reinsurance, the group also provides investment fund products.