Poland’s deep-pocketed state insurer PZU wants to buy a majority stake in Croatia Osiguranje as part of a long-awaited plan to expand beyond its home market, PZU’s chief executive told Reuters. Croatia, which has 80% of Croatia Osiguranje, has said it wanted to sell up to half of the insurance group, which has a market capitalization of some $390 million. But PZU head Andrzej Klesyk said he would rather have operational control. “We are most interested in the role of the main shareholder with a majority stake,” Klesyk said. Klesyk said he hoped Croatia Osiguranje, which controls a third of the local insurance market, would be a stepping stone to a wider presence in the region.
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