France's Axa and German finance giant Allianz are among several European firms in the running to buy Serbia's second largest insurer DDOR Novi Sad.

Reuters reports an unnamed source as saying that the two groups are among 12 players bidding for an 80% share in DDOR Novi Sad. The report adds that DDOR enjoys a 31% share of the Yugoslav market and had gross premium income of E96.1 million last year.