October 17 (SeeNews) - Italian insurance group Assicurazioni Generali's Croatian unit Generali Osiguranje on Wednesday agreed to acquire local non-life insurance firm Izvor Osiguranje, the buyer said without revealing the financial terms of the deal.
The transaction is subject to regulatory and antitrust approval, Generali Osiguranje said in a statement.
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The acquisition is in line with Generali's 2021 strategy, under which it has pledged to strengthen its market position in Croatia, Austria, as well as the Central Eastern Europe and Russia regions. The deal will allow it to increase its market share on the Croatian market from the 7.3% it gained in 2018, it added.
Izvor Osiguranje was set up in 2018. With a market share of around 1%, it provides a wide range of motor, property, travel, liability and accident insurance and other types of insurance services.
Generali entered the Croatian market in 2002. In 2018, it recorded a total increase of gross written premiums of 26.1% to 97 million euro ($107.56 million).
($=0.8996 euro)
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