Italian insurance giant Generali has completed its previously announced acquisition of Slovenian insurance company Adriatic Slovenica from KD Group.
Image: Generali completes acquisition of Adriatic Slovenica. Photo: courtesy of Massimo Goina/ Assicurazioni Generali S.p.A.
The acquisition of Adriatic Slovenica, which was announced in May 2018, was wrapped up after Generali secured all the necessary approvals from regulatory bodies and competition authorities. Included in these are approvals from the European Commission, Slovenian regulatory bodies and the Italian insurance supervision agency IVASS.
As part of the transaction, the Italian insurance major also acquired KD Funds, a mutual fund manager with more than €750m of assets under management.
Generali, in a statement, said: “The closing will be followed by the process of integration of Adriatic Slovenica insurance company and its subsidiaries into the Generali structure in CEE.”
Financial terms of the transaction were not revealed.
Adriatic Slovenica offers a range of property and casualty, health, life and pension products. The insurance company holds more than 1.7 million insurance contracts and serves around 500,000 customers.
In 2017, the Slovenian insurer registered gross premiums written of €304m.
At the time of announcing the transaction, Adriatic Slovenica ranked third in the Slovenian market with a market share of about 15%. The company is said to have an extensive and diversified sales network and its acquisition is expected to make the Generali Group the second largest insurer in Slovenia, where it has been operating since 1997.
On the other hand, KD Funds ranked third in Slovenia with a market share of 20%, as of May 2018. The mutual fund manager also operates in Croatia and Macedonia through its subsidiaries.
While announcing the deal with KD Group, Generali disclosed another agreement, under which it will acquire 100% of Concordia Capital, a Polish life insurance company, and the non-life insurance company Concordia Polska from their German owners Concordia Versicherung and Vereinigte Hagelversicherung.
The acquisition of the Polish Concordia companies was taken up to significantly consolidate its footprint in Poland, said Generali.
Earlier this month, the Italian insurance group announced that one of its subsidiaries Generali Global Assistance (GGA) acquired Trip Mate, a US-based travel insurance company, from Arthur J. Gallagher for an undisclosed amount.