Cardif Osiguranje insurance company is expected to become part of Croatia osiguranje.
Croatia osiguranje (Croatia Insurance), a member of Adris Group, will take over Cardif Osiguranje insurance company from BNP Paribas, according to media reports. The two parties have not yet confirmed the deal, but according to unofficial sources, the final details of the sales contract are being negotiated, reports tportal.hr on April 26, 2017.
Adris stated briefly that Croatia osiguranje, as one of the leading regional insurance companies, was constantly looking for new business opportunities for further market growth. “In addition to operational expansion, we do not rule out the possibility of acquisitions. So far, there is no new information in this regard. If there are, as a company which is listed on the stock exchange we will notify the regulators and the public in a timely manner,” stated Adris.
Cardif has so far refused to comment on the issue. It seems that the French group BNP Paribas is reportedly withdrawing from the region and has therefore decided to sell its insurance company in Croatia.
Interestingly, CEO of Cardiff Ana Ivančić launched her own business this year. She founded the Fine Krpice company engaged in the sale of clothing. Last Friday, she opened the Garderoba store in Martićeva Street in Zagreb. From this, it can be concluded that she is also leaving the insurance business.
Ivančić has headed Cardif since the beginning of its operations in Croatia in July 2007. Cardif is one of smaller insurance companies whose market share in 2015 stood at 0.76 percent. They were the first insurance company in Croatia to offer the option of loan repayment insurance in the event of sickness, dismissal or death.
Croatia osiguranje is the largest Croatian insurance company which in 2015 held about 26 percent of the market. Adris Group bought it in 2014 for 1.7 billion kuna.
After it sold the Rovinj Tobacco Factory to British American Tobbaco two years ago, Adris has focused on tourism, insurance business and fish farming.