Insurer Sava Montenegro hikes share capital by 62%.

By bne IntelliNews July 9, 2010
Second-largest local insurer Sava Montenegro increased its share capital by 62%, Montenegro Stock Exchange informed. Following the hike, the capital of the company reached EUR 12.69mn. Slovenian Sava Insurance owns 100% of the local company. The parent company acquired Sava Montenegro for some EUR 15mn at end-2007. The insurance market continued its development and expanded by 6.1% y/y in the first ten months of last year, following the 18% annual growth recorded in full-2008, the latest data from the Agency for Insurance Surveillance showed. The insurers reported a total of EUR 54mn in premiums in Jan-Oct. The industry is dominated by the car insurance segment, even though the life insurance is developing fast and grew by 5% in the first ten months of the year. Some 11 players were active on the domestic market at the end of 2009. However, the insurance watchdog has recently revoked the operating licence of mid-sized insurer Magnat Osiguranje, thus decreasing the number of active players to 10.

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