The supervisory board of SAVA Reinsurance Company recalled Zvonko IVANUSIC from the position of both Chairman and Member of the Company's management board as of August 23rd, 2016. Jost DOLNICAR, also a management board member, was appointed as temporary chairman, while the Board itself will continue to function with only three members.

Although SAVA Re didn't make any public statement with regard to the reasons behind the supervisory board's decision, it seems that it has to do with some irregularities in the process of acquisition of the ACH office building. The case has already made some buzz in the Slovene financial press, but for the time being there is no official conclusion and no public acknowledgment.

The supervisory board will immediately begin the process of selecting of a new chairman of the management board with a regular term of office."

Zvonko IVANUSIC (57) was appointed as SAVA Re's Chairman of the Management Board in 2008, after joining SAVA Reinsurance Company six years earlier. Previously he has held several top management positions in different companies and served as Minister of Finance of the Republic of Slovenia for two years.

SAVA Re is a Slovenian/international insurance group present in more than 80 insurance and reinsurance markets all across the globe, providing reinsurance services to over 200 partners worldwide. In the insurance field, SAVA Re owns ten insurance companies, which makes it one of the bigger insurance groups in Southeast Europe. The Slovenian Sovereign Holding is SAVA Re's main shareholder, with a 25% stake. The company is listed at the Ljubljana Stock Exchange.