The Slovenian Administrative Court ruled in favor of Croatia-based conglomerate Adris grupa and its insurance unit Croatia osiguranje d.d. in a lawsuit they launched against the Slovenian Insurance Supervision Agency, Adris grupa d.d. said March 12.
The two companies had launched court proceedings after the Slovenian regulator barred them from increasing a stake in Slovenia-based reinsurer Pozavarovalnica Sava d.d. to a level greater than 20% and lower than one third.
The court ruling overturned the decision by the Slovenian Insurance Supervision Agency and requested that the regulator reconsider the application by the Croatian companies.
The Insurance Supervision Agency had issued its negative decision in October 2016 due to Croatia osiguranje's exposure to Croatian government bonds, saying these would pose a risk for the Slovenian insurer in case of a new economic crisis.
