The Commission examined the effects the takeover will have on the non-life insurance market in Slovenia, where the transaction gives rise to horizontal overlaps between the companies' activities.

"The Commission concluded that the proposed acquisition would raise no competition concerns, because of its limited impact on the markets concerned," a release from Brussels reads.

Generali signed the deal to acquire Adriatic Slovenica from financial group KD Group for EUR 245m in May.

Last year, Adriatic Slovenica made EUR 11.4m in net profit, down 4.2% from the year before, and had a nearly 15% market share in Slovenia. With the acquisition Generali will become the second largest insurance group in Slovenia.