Slovenia's Insurance Supervision Agency has rejected an application of the Croatian tourism and insurance group Adris to boost its stake in reinsurer Pozavarovalnica Sava, BBJ - Regional Today reported on Monday citing local media reports.

The head of the insurance watchdog Sergej Simoniti confirmed that decision to Reuters but declined to disclose any details due to data protection regulations. Adris, which is the second largest shareholder in the reinsurer with a 20% stake, asked to increase it to 33% in May.

The Slovenian government and companies that it controls together own some 38% of the reinsurer. Last year, the Slovenian cabinet decided to retain at least 25% in the reinsurer and not to allow any other investor to have a bigger stake in it. Read the full story SLOVENIA bans Adris to boost stake in reinsurer