euro adhoc: Generali Holding Vienna AG
Mergers - Acquisitions - Takeovers /
Generali acquires Libertas Insurance in Croatia
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
12.05.2006
Generali acquires Libertas Insurance in Croatia Contract for the takeover of 100% of Libertas Osiguranje d.d. signed in Vienna.
Subject to the necessary approvals, Austrian insurer Generali Holding Vienna AG, Vienna, has acquired a 100 per cent stake in Croatias Libertas Osiguranje d.d., Zagreb. The contract was signed yesterday evening in Vienna by group CEO Karl Stoss, CFO Walter Steidl and Gojko Ostoji?. The acquisition will strengthen the strategic positioning of Generali in the Croatian insurance market where the Group has been operating since 2002.
Libertas Osiguranje, founded in 1997 is active in life insurance and is licensed to write accident and health insurance as well. Libertas is provided with one of the strongest sales networks operating in the country. The distribution relies upon 12 regional offices controlling more than 300 intermediaries.
Libertas reported a gross premium volume of EUR7,8 million in 2005 marking a 37% increase over the previous year. The acquisition will therefore double Generals market share in the Croatian life insurance segment to 5.8 per cent and move the Generali Group up to seventh place in the Croatian life insurance market.
end of announcement euro adhoc 12.05.2006 07:30:00
Further inquiry note:
Generali Holding Vienna AG
Josef Hlinka
Tel.: (++43-1) 534 01-1375
Fax: (++43-1) 534 01-1593
mailto:josef.hlinka@generali.at
http://www.generali-holding.at
Branche: Insurance
ISIN: AT0000661350
WKN: 873075
Index: WBI, ATX Prime
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