The Serbian insurance market, though dominated by the two socially owned insurance companies, Dunav osiguranje and DDOR Novi Sad, is very fragmented.

In the course of the restructuring of the sector, various insurance companies were liquidated or faced the threat of liquidation, which turned out to be one of the major challenges in identifying an appropriate acquisition target for UNIQA.

Besides limited number of available targets, competition from foreign insurance companies, which are already in the market or about to enter, lead to a substantial increase in transaction prices.

Based on a detailed market research, Raiffeisen Investment identified four possible take over targets and supported UNIQA in the due diligence processes, which resulted in negotiations with two insurance companies and the successful signing of the agreement with Zepter osiguranje a.d..