Basel, The Baloise Group is selling its businesses in Croatia and Serbia to the Austrian UNIQA Group. Representatives of the two companies have signed a purchase agreement for EUR 75 million.
In Croatia, "Basler osiguranje Zagreb" provides a comprehensive range of insurance solutions for private and business customers. Until now, Baloise has been present in Serbia with "Basler osiguranja", which focuses on the market for private customers. The two subsidiaries achieved a combined business volume of CHF 68.4 million in 2012.
The UNIQA Group is one of the leading insurance groups in its core markets in Austria and Eastern Europe. UNIQA is the strongest insurance brand in Austria and is very well positioned in the Central and Eastern European (CEE) markets.
Baloise now intends to focus its activities even more on its core markets. With the acquisition, UNIQA is strengthening its position in the south-eastern region of Europe and the Croatian and Serbian markets.
Baloise anticipates a one-time loss of CHF 30 million to result out of this transaction, which is expected to be concluded in 2014. The transaction is subject to the approval of the supervisory authorities.