The biggest insurance company in Serbia, DUNAV Insurance Company, will appoint new General Manager as of mid-December: former General Manager Milenka JEZDIMIROVIC, who has held this position since 2009, resigned in early December reportedly for personal reasons. Former Chairman of the Supervisory Board of DUNAV insurance, Marko CULIBRK will replace her, as Acting Director in the next six months.

Milenka JEZDIMIROVIC will officially cease to perform the function of General Manager on December 14, until when she should submit the business report to the Supervisory Board.

Prior to joining DUNAV in February 2009, JEZDIMIROVIC was working in public administration and the banking sector for nearly a quarter of a century - on issues related to public finance, budgeting, financial and budgetary inspection. She gained seven years of banking experience as Special Advisor to the Chairman of KOMERCIJALNA banka, as well as on other positions.

As stated in the press release of DUNAV osiguranje, she was appointed to this position through open competition. However, at the time of her appointment, the top-selling daily newspaper Blic wrote that JEZDIMIROVIC was appointed to the position as staff of the Socialist Party of Serbia. According to the newspaper, this Party "got Dunav in the political division of managerial positions in the public and state enterprises"." This company is a joint-stock company, with as much as 94.61 percent of the state and social capital, and the remaining 5.39 percent of share capital.

President of the Socialist Party of Serbia is the current Prime Minster Ivica DACIC, who was then Deputy Prime Minister and Minister of the Interior.

A few days before the official resignation, one of the local news portals published that the "General Manager of DUNAV Insurance Company is dismissed because the top of the Socialist Party of Serbia is not satisfied with her work," but after a few hours the news was removed from the news portal.

Marko CULIBRK, who will be Acting Director in the next six months, is a member of the Main Board of the same political party. He used to work as General Manager of the trading company Ateks, with about 300 employees and about 30 outlets across Serbia.

DUNAV Company has about 3,000 employees, 29 main branches and 600 outlets, and has issued more than 950,000 policies. At the end of last year it occupied about 30.8 percent of the market share, and in spite of decentralization and entry of international competitors in recent years, it lost no more than a few percents of the market share. According to official results, DUNAV Company has increased its net profit by 20.4 percent in the last year and achieved a revenue growth of 5.6 percent. During 2011, a year of quite deep crisis, the company achieved a 4.1 percent growth of assets, and all the obligations paid to the state amounted to about EUR 265 million.