Swiss insurance company set to acquire Croatian insurance company Osiguranje Zagreb
Swiss Insurance company Baloise is set to acquire the Croatian insurance company Osiguranje Zagreb, placing it fifth in the Croatian market. The transaction is scheduled to be closed in July 2007.
Baloise has been operating in Croatia through Basler Osiguranje since 2000. It focuses on providing insurance and pension solutions for physicians and dentists.
Osiguranje Zagreb was founded in 1991 as Croatia's first insurance company owned by private individuals. In 2006 it achieved a business volume of EUR 60.2 million, giving it a market share of 5.4% and fifth place in the Croatian market. It has a diversified portfolio including life, health and property & casualty insurance.
The parties agreed not to disclose the purchase price.
Once the transaction has been finalized, Lothar Mayrhofer, currently chief executive officer of Basler Austria, will assume overall responsibility for Baloise's operations in Croatia. Otmar Bodner, at present chief operating officer, will become Basler Austria's new chief executive. Mayrhofer will be appointed chairman of the board.
