Slovenian "Triglav" bought Macedonian insurance company "Vardar"

(Andrej Kocič, Damjan Mihevc, Stojan Klopčeski)

Insurance company "Triglav" officially became the owner of "Osiguranje Vardar" on June 4, 2007. The Head of the ADministrative Board of "Triglav" Group, Andrej Kocič, in the presence of Damjana Mihevac, the Head of the Supervisory Board of "Triglava", signed the contract on purchase with Stojan Klopčeski, General Manager of "Vardar Osiguranje".

Strategy for development and expansion on the market of southeast Europe was the foundation for decision of the Administration of "Zavarovalnica Triglav", which decided for strategic investment in purchase of the largest Macedonian insurance company, "Vardar Osiguranje". This was announced at the yesterday's press conference, which was held in hotel "IN".

- Entrance of "Vardar" to Group "Triglav" is one of the strategic investments towards positioning of "Triglav" in the region of southeast Europe. Our aim is to have 10% market share in every country. With the procurement of "Vardar" we have already achieved that, because this insurance company already has market share of 27% in Macedonia - said Andrej Kocič, the Head of the ADministrative Board of Group "Triglav", at the press conference.

Stojan Klopčeski, General Manager of "Vardar Osiguranje", said that he expected to have market share of 40% in Macedonia, in 3-4 years, with the help of Group "Triglav".