NBS granted work license to reinsurance company DDOR Re

The National Bank of Serbia (NBS) has granted the work license to Stock company for reinsurance services "DDOR Re", with the headquarters in Novi Sad.

According to the announcement, the owners of reinsurance company "DDOR Re" are companies "The Lawrence Re Ireland Ltd" from Dublin and insurance company "DDOR Novi Sad", which own 99.998% and 0.002% of stocks, respectively.

Serbian central bank announced that the majority foreign founder was the reinsurance company that operated within business group "Fondiaria", of which mother company Italian Fondiaria-SAI Italy had become the majority owner of "DDOR Novi Sad" in 2007.

That 5m EUR worth of investment directly affects strengthening of Serbia's financial potential, and it is the proof that NBS successfully maintains stability of domestic financial system, in spite of the global financial crisis.

With the forming of "DDOR Re", the operations of "DDOR Novi Sad" will be brought in accord with the regulations since that company will transfer the reinsurance portfolio to "DDOR Re", separate insurance business from reinsurance business on January 1st, 2010, and start dealing with insurance business only.

- The beginning of work of new reinsurance company in the insurance market of Serbia will additionally strengthen the competition, stabilize that market and increase the capacities for keeping technical reserves in Serbia - people from NBS pointed out.