According to a press release KD Group posted on the website of the Ljubljana Stock Exchange on Friday, the KD Group management board reviewed the group's strategic guidelines, choosing Lazard as a financial consultant to sell the Koper-based insurer.

Adriatic Slovenica, which is led by Gabrijel Škof, is 100% owned by KD Group. Its market share in Slovenia is 15%, behind Zavarovalnica Triglav and Zavarovalnica Sava.

In 2016, it collected EUR 304m in gross premiums, or 2.3% more than the year before.

Damage payouts were up 2.5% to EUR 219m, while net profit dropped by 16.8% to EUR 11.9m.

The insurer recorded growth in all three types of insurance last year - in life and pension, property and health insurances.