DDOR Novi Sad
Encyclopedia
DDOR Novi Sad is one of the largest insurance
companies in Serbia
, offering auto, home, commercial and life insurance
. Its head office is located in Novi Sad
.
. Both offices started operating as branch offices of NIB. By the end of 1961, the National Insurance Bureau was dissolved. The former NIB's branch offices became insurance bureaus but new insurance bureaus were also founded to cover the area of one or more municipalities.
On the basis of provisions of the Law on Insurance Bureau and Communities of Insurance (terminology used during socialism), at the end of 1961, the municipality of Novi Sad made the decision with regard to establishing of the "Novi Sad" Insurance Bureau. Their activities were carried out on the territory of the municipality of Novi Sad and they were considered to be a legal successor to the former NIB, with their headquarters located in Novi Sad. Besides "Novi Sad" Insurance Bureau, that only re-registered its name, in 1968 another insurance firm was established in Novi Sad - "Vojvodina" Insurance Bureau. The two companies merged in 1981 into one. On June 25, 1990, DDOR Novi Sad became the first joint stock insurance company on the territory of the former SFR Yugoslavia.
, with 43.87% of shares are owned by state, while 53.76% is owned by various small-type companies and banks; and 2.38% by small shareholders.
On July 26, 2006 state office for privatization
started the process to sell state shares in the company.
On November 26, 2007, it was announced that 100% of the state stake in DDOR was sold to Italian company Fondiaria-Sai
for €
264 million.
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
companies in Serbia
Serbia
Serbia , officially the Republic of Serbia , is a landlocked country located at the crossroads of Central and Southeast Europe, covering the southern part of the Carpathian basin and the central part of the Balkans...
, offering auto, home, commercial and life insurance
Life insurance
Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger...
. Its head office is located in Novi Sad
Novi Sad
Novi Sad is the capital of the northern Serbian province of Vojvodina, and the administrative centre of the South Bačka District. The city is located in the southern part of Pannonian Plain on the Danube river....
.
History
In 1945, the government founded the National Insurance and Reinsurance Bureau after the Second World War. By 1950 two offices were set up in Novi SadNovi Sad
Novi Sad is the capital of the northern Serbian province of Vojvodina, and the administrative centre of the South Bačka District. The city is located in the southern part of Pannonian Plain on the Danube river....
. Both offices started operating as branch offices of NIB. By the end of 1961, the National Insurance Bureau was dissolved. The former NIB's branch offices became insurance bureaus but new insurance bureaus were also founded to cover the area of one or more municipalities.
On the basis of provisions of the Law on Insurance Bureau and Communities of Insurance (terminology used during socialism), at the end of 1961, the municipality of Novi Sad made the decision with regard to establishing of the "Novi Sad" Insurance Bureau. Their activities were carried out on the territory of the municipality of Novi Sad and they were considered to be a legal successor to the former NIB, with their headquarters located in Novi Sad. Besides "Novi Sad" Insurance Bureau, that only re-registered its name, in 1968 another insurance firm was established in Novi Sad - "Vojvodina" Insurance Bureau. The two companies merged in 1981 into one. On June 25, 1990, DDOR Novi Sad became the first joint stock insurance company on the territory of the former SFR Yugoslavia.
Ownership
Company is a joint stock companyJoint stock company
A joint-stock company is a type of corporation or partnership involving two or more individuals that own shares of stock in the company...
, with 43.87% of shares are owned by state, while 53.76% is owned by various small-type companies and banks; and 2.38% by small shareholders.
On July 26, 2006 state office for privatization
Privatization
Privatization is the incidence or process of transferring ownership of a business, enterprise, agency or public service from the public sector to the private sector or to private non-profit organizations...
started the process to sell state shares in the company.
On November 26, 2007, it was announced that 100% of the state stake in DDOR was sold to Italian company Fondiaria-Sai
Fondiaria-Sai
Fondiaria-Sai S.p.A. is an Italian financial services company based in Florence, founded by the merger of Società Assicuratrice Industriale and La Fondiaria Assicurazioni in 2002. The company is particularly active in the insurance sector, where it underwrites life, property, casualty and marine...
for €
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
264 million.