Generali completed the acquisition of ‘Izvor osiguranje’ business

• All rights and obligations under the insurance contracts of Izvor osiguranje d.d. were transferred to Generali osiguranje d.d. as the new insurer.

Zagreb - Signing of the Transaction Closing Minutes on April 30th 2020 marked completion of the preparation procedure of clients portfolio transfer from Izvor osiguranje d.d. to the new insurer Generali osiguranje d.d.

The procedure began in October 2019 by signing the Agreement on Transfer of Undertaking that was approved by Croatian Financial Services Supervisory Agency (HANFA) in January 2020.

In this way, under the provisions of the Insurance Act, Generali osiguranje took over the insurance portfolio, effective as of April 30th 2020, which consists of insurance contracts concluded by Izvor osiguranje. The transfer of the portfolio has no effect on the past rights and obligations of the clients, which remain in force in their unaltered form and content.

CEO of Generali osiguranje d.d. Mario Carini pointed out: "We welcome the clients of Izvor osiguranje and we are ready, in line with our aspiration to being a Life-time Partner, to address their need for protection, especially at this sensitive time that is affecting the lives of all of us. This agreement confirms the focus and commitment of the Generali Group towards Croatia and the Austria, CEE and Russia Region, as also proven by the recent investments in the acquisitions of Adriatic Slovenica in Slovenia as well as Concordia and Union Investments TFI in Poland."