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Austria: Insurance giant acquires Swiss units in Croatia, Serbia

 |  October 22, 2013

Austria’s second-largest insurance company Uniqa Insurance Group announced an agreement to acquire two units of Baloise Golding in Croatia and Serbia, say reports.

The deal was inked for about $103 million.

Baloise is based in Switzerland as its third-largest insurer. The units in Croatia and Serbia have “never achieved target returns,” according to one analyst.

The companies said they expect to complete the deal in the first quarter of 2014, though the buyout remains subject to regulatory approval.

Full content: Businessweek

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