The chairman of the management board of Generali Life Insurance, Michele Cirieca, said at a news conference on Wednesday that the acquisition was agreed on last week and that its price was a business secret.
The Generali Osiguranje, which has been active in Croatia since 2002 by providing life insurance and since 2003 non-life insurance, wrapped up last year with a gross premium of 80.97 million kuna, Cirieca said, adding that this was an increase of more than 460 percent from 2004.
The Libertas Osiguranje ended 2005 with a gross premium of 57.4 million kuna, a 37 percent increase from 2004. The premiums of both insurance companies refer mostly to life insurance, Cirieca said.
The chairman of the Generali Osiguranje management board, Harald Stairer, recalled that the Generali Holding recently purchased a majority stock in the third biggest insurance company in Serbia and Montenegro, the Delta Osiguranje.