Swiss insurance and pension firm the Baloise Group has embarked on an agreement to divest its businesses in Croatia and Serbia to the Austrian UNIQA Group, in a EUR75m worth transaction.

In Croatia, ‘Basler osiguranje Zagreb’ offers an array of insurance products and services to private and business customers, while Serbian subsidiary ‘Basler osiguranja’ focuses on the private customers.

During fiscal 2012, both subsidiaries achieved a combined business volume of CHF68.4m ($75.7m), according to the company.

Having a strong presence in the Central and Eastern European (CEE) markets, the acquisition will bolster the UNIQA Group position in the south-eastern region of Europe and the Croatian and Serbian markets.

With the completion of the proposed transaction, which is subject to the approval of the supervisory authorities, Baloise now intends to focus its activities even more on its core markets.

Headquartered in Basel, Switzerland, the Baloise Group offers a combination of insurance and banking services in the country.