Italian insurance major Generali has concluded its previously announced acquisition of Slovenian insurance company Adriatic Slovenica from KD Group.

Adriatic Slovenica provides property and casualty, life, health, and pension insurance plans. It maintains over 1.7 million insurance contracts serves nearly 500,000 customers.

The deal was first announced in May last year.

The transaction concluded after Generali obtained all the required approvals from regulatory agencies and competition authorities including the European Commission, Slovenian regulatory bodies and the Italian insurance supervision agency IVASS.

Generali CEE Holding CEO and regional officer of Austria, CEE & Russia Luciano Cirinà said: “This is an important step for Generali in the Austria, CEE & Russia Region.

“This strategic acquisition moves the Generali Group into 2nd place in the Slovenian market and will enable us to strengthen our regional presence, not only in the field of insurance, in particular in P&C and health, but also in fund management. These achievements further prove the strength and ambition of the region.”

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Generali CEE Holding CFO Gregor Pilgram said: “We are sure that combining the insurance and investment expertise of Generali zavarovalnica and Adriatic Slovenica will further enhance the quality and range of solutions provided to customers of both companies.

“The next activities will focus on securing the strong and profitable position of the Generali Group in the Slovenian market with underlined commitment to fulfil our customers´ satisfaction.”

As part of the transaction, Generali also purchased mutual fund manager KD Funds that has over €750m in assets under management.

Upon completion of the transaction, the acquired business and its subsidiaries will be combined into the Generali structure in CEE.

Earlier this month, Generali Global Assistance (GGA) purchased US-based travel insurance company Trip Mate from Arthur J. Gallagher.