Triglav officially in race for Croatia Osiguranje

Members of the Supervisory Board of Slovenia's insurance company Triglav Osiguranje have endorsed the intention of the company's Managing Board to bid for a majority stake in Croatia Osiguranje, it was announced after a session of the Supervisory Board.

In order to buy a majority stake in Croatia Osiguranje, Triglav should set aside up to EUR 250 million. The Croatian government invited bids from all interested investors for the acquisition of a stake in Croatia Osiguranje in August 2013, the web portal Seebiz reported, citing Slovenia's daily newspaper Finance.

Previously, Poland's largest insurance company PZU as well expressed interest in the takeover of the Croatian company.

Triglav Osiguranje recorded a gross written insurance and co-insurance premium of EUR 496.4 million in H1 2013, down 5 percent from the last year.

The premium of the parent company dropped even more, by 8 percent, to EUR 343.8 million. The decline in written premium was a result of difficult market conditions, economic crisis, and a strategic focus on profitability.

The Triglav Group reported a net profit of EUR 45.6 million in the first half of the year, up 10 percent from the previous year, while the net profit of the parent company reached EUR 37.5 million, 50 percent more than in the same period last year.