After examining the information that has been made available to date on the two companies, UNIQA made a non-binding offer to acquire 98% of Slovenica and 51% of Adriatic. The next step will be to review the offers with Deloitte & Touche, the investment house commissioned to execute the transaction, together with the seller, KD Holding, and “short-list” the most promising candidates.   The profitability of such a project cannot be judged precisely until all the details have been examined.

For the UNIQA Group Austria, with its many years of experience in the eastern and central European insurance market, it is important that none of the companies that are incorporated domestically or internationally into the Group loose their regional identity. It is the task of the Group to create tools permitting the new company to take advantage of synergies and yet remain true to its local uniqueness and requirements. In the case of Slovenia as well - should a purchase take place– UNIQA will only consider a solution that is very strongly interconnected with the country and its regional institutions. In all the countries in which UNIQA is active it has always only taken a path of partnership and had the best experiences with this.

Slovenica d.d.
The company, with its headquarters in Ljubljana, was founded in 1993 and is today the fifth largest insurer in Slovenia, with a market share of about 5% and a premium income of EUR 44.3 million. The main portion of their portfolio is contributed by the motor vehicle area, a relatively small portion by personal insurance. Slovenica, one of the first companies to offer private pension insurance, has about 370 employees; the majority owner is KD Holding with 98%.

Adriatic d.d.
The fourth largest insurance company in Slovenia has its central office in Koper, is owned to over 51% by Slovenica and earned a premium volume of EUR 94.5 million in 2001 – this corresponds to a market share of just under 10%. In the private health insurance line The Adriatic is currently the only insurance in private ownership to offer private health insurance and holds a market share of over 44% in this segment. The Adriatic was founded in 1990 and has about 660 employees.

The Slovenian insurance market
The 15 insurance companies – two of them are purely reinsurers – that are represented on the Slovenian insurance market generated EUR 1,100 million (+19.3%) in premiums in 2001. With an average expenditure of EUR 522 per person the Slovenian insurance market ranks below EU levels (A: EUR 1,443), but clearly among the highest in central and eastern Europe.  Despite the impressive growth in the last few years, the Slovenian market with about 2 million inhabitants has still great potential, particularly in the life assurance area. As a preparatory measure for an imminent EU membership the nation-wide regulatory conditions have for the most part already been adapted to meet EU standards.