Italian insurer Generali said its Prague-based Generali CEE Holding BV unit reached an agreement to conduct exclusive negotiations with Slovenia-based KD Group financna družba dd over an acquisition of 100% of insurer Adriatic Slovenica Zavarovalna druzba dd.

Generali said it will update the market with the outcome of these negotiations as further developments occur. Adriatic Slovenica offers life and nonlife insurance and ranked third by market share among Slovenian insurers in 2017 with €304 million of gross written premiums, Generali noted.

KD Group invited selected investors to carry out due diligence on Adriatic Slovenica in March, having decided to sell it in November 2017.