18.06.2007.

«Merkur osiguranje» Gets Operating License

The National Bank of Serbia issued an operating license to the Belgrade-based life insurance joint-stock company “Merkur osiguranje“. The company has been licensed to engage in all life insurance activities, save voluntary pension insurance.

Majority founder of the company is the Graz-based legal entity “Merkur Versicherung“A.G, the oldest insurance company in Austria dating from 1789. “Merkur Versicherung“A.G. provides all types of insurance services, but is best-known by its voluntary health insurance services.

“Merkur Versicherung“ A.G. is the third largest insurance company in Austria. Owing to the higher than average level of solvency, it has been awarded zero risk rating by the Austrian agency KSV1870.

Business group "Merkur“, which embarked upon expansion to South East European markets twelve years ago, operates today in most of the neighboring countries – Slovenia, Croatia, Bosnia and Herzegovina, Romania. It is best known for its life insurance services. Total premium payments in 2005 equaled EUR 281,220,000, of which around 20% is accounted for by branches abroad. “Merkur” employs around 1,000 people who cater to the needs of approximately 600,000 clients.

It is expected that setting up of another life insurance company will give impetus to the development of this segment of the Serbian insurance market to which the NBS, as the supervisory authority, gives special attention in anticipation of its impact on faster development of the local capital market.

Governor’s Office