Administrative Court of Slovenia, rejected the appeal to the decision of the Insurance Supervisory Agency, which denied Adris grupa and Croatia Osiguranje the right to increase their share above 20% in Sava Re.

Croatia Osiguranje released an announcement in which they stated that the Administrative Court of Slovenia, rejected their appeal to the decision of the Insurance Supervisory Agency, which denied them the right to increase their share above 20% in Sava Re. Since Sava Re is considered to be an important investment by the Slovenian Government the Government’s share can’t fall beneath 25% and no other shareholder may own more shares than the Government.

As a reminder, the Slovenian Regulatory Agency denied Adris grupa and Croatia osiguranje the right to acquire additional shares of Sava Re several times now. However, when filing their appeal last time, the Administrative Court ruled in their favour, annulling the decision of the regulator.