02.07.2007.

Life Insurance Company «Basler» Gets Operating License

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

Managing Director of the company is Mr Vladimir Medan, while the majority founder is "Baloise Holding“ from Basel, Switzerland, which owns a number of insurance companies, operating primarily in Western and Central European markets. One of them is  "Basler“, which ranks among the five leading insurers in Switzerland.

“Basler” enjoys international reputation. It is a company recognizable in the market, quoted in the Swiss stock exchange as the issuer of securities and included in the calculation of the Swiss Market Index (SMI). In 2006, total premium payment at the level of the business group reached CHF 3,651,400,000 for life insurance and CHF 3,065,100,000 for non-life insurance, while technical reserves stood at CHF 46,521,800,000. The company employs around 8,000 people.

Strategic objective of this group to expand its business operations to Southeast European countries began unfolding with its entry in the Croatian insurance market.  Recent merger with “Osiguranje Zagreb“ made it the fourth-ranked insurer in Croatia.

Entry of this business group in the Serbian insurance market will give impetus to its further development, especially in the field of life insurance.   Apart from this, the founding of this company marks the beginning of a new stage of development of our insurance market  as its founders decided to focus on one market segment, which is the basis of a successful marketing approach.  Namely, life insurance company "Basler“ a.d.o. intends to focus on providing insurance to doctors and dentists, as well as to other natural persons, using banks as insurance distribution channels.

Governor`s Office