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LJUBLJANA, Slovenia Slovenia's largest insurance company, Zavarovalnica Triglav, has acquired the leading insurer in Macedonia.
Triglav purchased Vardar Osiguranje, which had a 27% share of the Macedonian market in 2006, and insurance premiums of around €25 million, according to a statement. Financials of the deal were not disclosed.
Triglav, with a 43.5% market share in Slovenia, reported a net profit of €36.3 million last year, a 31% increase over the year before. Triglav had gross written premiums of €661.7 million, a 7 % increase compared to 2005.
Andrej Kocia , chairman of the management board at Triglav, said in April that his company has an "ambitious goal," principally to be the biggest insurance company in Southeastern Europe by next year.
With Monday's announced purchase, Triglav says it is the market leader in three countries Slovenia, Montenegro and Macedonia and is now present in eight markets.