Sava Re acquires Montenegro Osiguranje

Today Sava Re finalised the acquisition of nearly 100% of the insurer Montenegro Osiguranje.

Today Sava Re finalised the acquisition of the Montenegrin insurer Montenegro Osiguranje. The price for the insurer, who is expected to have written EUR 10 million by the end of the year, was EUR 15 million for 100%. As from today, Sava Re is holder of 8.794 shares of Montenegro, corresponding to a share of 99,92%. Today's acquisition means that Sava Re has a direct presence in five markets in the region.

Montenegro Osiguranje based in Podgorica is the second largest insurer in Montenegro with a market share of 21% and a staff of 65 employees. The portfolio mainly consists of motor business, while other property accounted to 23,2% of the gross written premium at the end of the third quarter. Sava Re primarily intends to focus on the development of other non-life products. In the longer term, the parent company expects that the market share will stabilise at a level of 25%. In line with its strategy, Sava Re will strive for quality rather than quantity.

The General Meeting of Montenegro Osiguranje has been called for next week to appoint a new Board of Directors. Sava Re will reduced the number of board members to three and the representatives of the parent company will be Mr Tomaž Oplotnik, Sava Re Head of Finance and Accounting, and Ms Maja Krumberger, Sava Re Company Secretary.

Sava Re

For additional information, please contact Maja Krumberger, Company Secretary.
Tel: +386 1 47 50 200