While is awaits clearance to raise its stake in Sava Re, it has also secured approval to directly enter the insurance market, Dnevnik reports on Friday.

Adris Grupa currently holds a 19% stake in Sava Re, Slovenia's second largest insurance and reinsurance group. It has asked the Agency for Insurance Supervision for clearance to raise its stake to 33%.

In the meantime, it has obtained clearance for direct entry for its insurance arm Croatia osiguranje, according to Dnevnik.

The Agency for Insurance Supervision would not confirm the news for Dnevnik, but Adris said it had secured all permits to enter the market.

"Adris's goal is to become the regional leader in all of its businesses, including in insurance. We plan to realise that with organic growth and the acquisitions of successful insurance companies," Adris told the paper.