Vienna Insurance Group AG's Croatian subsidiary Wiener osiguranje Vienna Insurance Group d.d. finalized its merger with sister unit Erste osiguranje Vienna Insurance Group, formerly operating as Erste Sparkassen osiguranje d.d. za životno osiguranje.

Jasminka Horvat Martinovic was appointed CEO of the merged company, and Erste osiguranje's former CEO Snježana Bertoncelj joined the management board as a new member. Tamara Rendic and Božo Šaravanja retained their seats on the board of Wiener osiguranje, the company said May 9.

The merger, which resulted in the creation of the fourth largest insurer on the Croatian market, is part of Vienna Insurance Group's strategic goals, which include securing a market share of at least 10% in Croatia in the medium term.

Vienna Insurance Group also recently completed the merger of some of its units in Hungary and Slovakia.