Pozavarovalnica Sava

M&A Activity • Sep 26, 2016

Category: Inside information

Published on: SEOnet

Published at:  23.09.2016 14:41

Published document ID: INI-619/16

INI-621/16

SAVA RE, d. d., Ljubljana

Insurance Supervision Agency Grants Authorisation for Merger of Insurers

Pursuant to the Rules of the Ljubljana Stock Exchange Ljubljana, Sava Re, d.d., Ljubljana hereby announces the following:

On 23 September 2016 the Insurance Supervision Agency issued an authorisation for the merger of insurance companies relating to the acquisition of Zavarovalnica Tilia and the cross-border acquisition of the companies Velebit osiguranje and Velebit životno osiguranje by Zavarovalnica Maribor.

The granting of the authorisation by the Insurance Supervision Agency represents a major step in the merger process of the four insurance companies and will allow the formal merger to conclude in line with the project timetable in early November 2016.

The merged company Zavarovalnica Sava (Sava Insurance Company) will be run by a newly appointed five-member management board, consisting of David Kastelic (chairman), Primož Močivnik (deputy chairman), Rok Moljk (member), Boris Medica, (member), and Robert Ciglarič (member and labour director). 

This announcement will also be available on the Company’s website at www.sava-re.si, at least five years from the date of the announcement.

The management board

Date: 26.09.2016