bojan pobrisi.qxd - Bosna RE

Zašto monografija
Godine 1978. Bosna reosiguranje osnovano je kao prva bosanskohercegovacka firma za reosiguranje. Bilo je to prije
punih 25 godina. Cetvrt vijeka nekome se može uciniti kao nedovoljan povod za velika slavlja, ili za monografiju.
Medutim, na ovako nestabilnom podrucju, na kojem ne postoji generacija a da je nije zahvatio rat, i u ovako nestabilnom
vremenu, podložnom redovnim krizama i katastrofama, 25 godina opstanka ravno je istinskom uspjehu.
Nije nas zaustavio ni cetverogodišnji rat. Preživjeli smo, a svi znaju kako je bilo teško opstati tih godina. Kao što znaju
i sa kakvim se teškocama danas suocavaju bosanskohercegovacke firme. I zato smatramo da je naših prvih 25 godina
istinski jubilej, vrijedan da se obilježi. Ali i zabilježi.
Ova monografija je naš skromni pokušaj da se za buduce generacije sacuvaju podaci o jednoj uspješnoj kompaniji i
da, istovremeno, odamo priznanje svim prijateljima, saradnicima i zaposlenicima koji su doprinijeli tom uspjehu.
Uvodno slovo Introduction
Why a monograph?
In 1978 Bosna Reinsurance was established as the first Bosnia-Herzegovinian reinsurance company. It was a full
25 years ago. A quarter of a century may seem like an unsatisfactory cause for large celebrations or for a monograph.
However, in an unstable area, where no single generation is not caught by war and in turbulent times like
the present one, subordinated to regular crises and catastrophes, 25 years of survival equals a genuine success.
Not even a war that lasted four years stopped us. We survived and all know how difficult it was to survive during
those years. As well as that we also know what difficulties are faced today by companies from Bosnia and
Herzegovina. Thus we believe that our first 25 years is a true jubilee, worthy to be noted. And also recorded.
This monograph is our modest attempt to preserve information for future generations about one successful company
and at the same time pay a tribute to all friends, associates and employees who contributed to this success.

Zahvalnost
Gratitude
Monografija je prilika da izrazimo duboku zahvalnost svima koji su svojim radom, povjerenjem ili saradnjom proteklih
25 godina ucinili da Bosna reosiguranje izraste u respektabilnu, pouzdanu i razvoju okrenutu firmu.
Zahvalnost prije svega dugujemo brojnim zaposlenicima, bivšim i današnjim, njih 74, koji su svojim nesebicnim
zalaganjem pomogli da Bosna reosiguranje izraste u stabilan kolektiv. Godine njihovog rada ugradene su u temelje
naše kompanije. Jedan od razloga ove monografije je da se taj rad ne zaboravi, da ostane zabilježeno svjedocanstvo
o tim izuzetnim naporima.
Na kraju, ali ne manje važno, zahvaljujemo se našim poslovnim partnerima i prijateljima. Povjerenje koje traje punih
cetvrt vijeka garant je i njihove i naše pouzdanosti. Ponosni smo na svoje partnere i njihovu saradnju. Mnogima od
njih, osim poslovne, dugujemo i istinsku ljudsku zahvalnost za izvanrednu, nekonvencionalnu, ali tako dragocjenu i
dirljivu pomoc koju su nam ukazali tokom rata.
A monograph is an occasion to express deep gratitude to all who through their work, efforts, trust or cooperation during
the past 25 years made Bosna Reinsurance grow into a respectable, reliable company dedicated to development.
Above all, we owe gratitude to all the numerous employees, past and present, overall 74 of them, who through their
unselfish efforts made Bosna Reinsurance a stable company. Years of their work are built into the foundations of our
company. One of the reasons for this monograph is not to forget that work, to have a testimony recorded on such
extraordinary efforts.
Last but not least, we would like to thank to all our business partners and friends. Trust lasting a full quarter of century
is a guarantee to their and our trustworthiness. We are proud of our partners and their cooperation. To many of
them we owe, beside business, a truly human gratitude for extraordinary, unconventional, but also precious and touching
help that they showed us during the war.
GENERALNI DIREKTORI / GENERAL DIRECTORS
Zijo Filipovic 1978. - 1984.
Jovo Miškovic 1984. - 1986.
Nikola Cucic 1986. - 1998.
Hajrudin Cengic 1998. - 2002.
Damir Lacevic 2002.

Kratka povijest osiguranja
Brief History of Insurance
Historija osiguranja i reosiguranja u Bosni i Hercegovini nije kratka. Elementi osiguranja, u vecoj ili manjoj mjeri, postojali
su na ovim podrucjima u periodu od XIV do XIX vijeka, kroz esnafska udruženja. Medutim, pravi oblik osiguranja pa i
reosiguranja, na teritoriji Bosne i Hercegovine došao je sa Austrougarskom. Zajedno sa ulaganjima i izgradnjom Bosne i
Hercegovine dolazila su i razna društva za osiguranje. I kao u vecini drugih stvari, i na ovom polju u Bosni i Hercegovini
sukobljavaju se razliciti inozemni interesi. Stoga i ne cudi cinjenica da je prvo domace bosanskohercegovacko društvo za
osiguranje, Herceg Bosna, formirano tek 1910. godine.
Formiranjem Kraljevine Jugoslavije glavnu rijec ponovo imaju društva za osiguranje ciji je osnovni cilj izvuci što više iz Bosne
i Hercegovine.
Okoncanjem Drugog svjetskog rata osiguranje i reosiguranje se centralizuje formiranjem Državnog zavoda za osiguranje
(DOZ). Svi poslovi osiguranja i reosiguranja vode se iz jednog centra. Duh proklamovanog samoupravljanja zahvata i ovu
oblast. Pocetkom šezdesetih otpocinje transformacija DOZ-a formiranjem preko 100 podružnih zavoda za osiguranje, koji
se zatim spajaju u 11. Cijeli taj period monopol nad funkcijom izravnavanja rizika i medunarodnog reosiguranja ima
Jugoslavenski zavod za osiguranje, preko kojeg se ovi poslovi obavljaju. Loše zamišljena koncepcija i izravnavanje rizika na
nacelima koja nisu imala mnogo zajednickog sa reosiguranjem, doveli su do njegovog bankrota, a posljedice tog kraha
osjetili su osiguravaci i osiguranici kroz dodatne poreze. Ponovna transformacija osiguranja i reosiguranja uslijedila je na
nacelima Ustava iz 1974. godine. Vec naredne godine u okviru Zajednice osiguranja i reosiguranja Sarajevo formira se
posebna Zajednica rizika za reosiguranje. Ovo je bila preteca Bosna RE. Izmjenama zakona o osnovama sistema osiguranja
imovine i lica, poslovi reosiguranja izdvajaju se iz zajednice za osiguranje i 1977. godine osniva se Zajednica rizika reosiguranja
Bosna RE.
The history of insurance and reinsurance in Bosnia and Herzegovina is not short. Elements of insurance, to a smaller or larger
extent, were present on these territories in the period from the XIV until the XIX centuries, through guilds. However, real insurance
formed on the territory of Bosnia and Herzegovina with the Austrian-Hungarian Empire. Together with investments and construction
in Bosnia and Herzegovina, many insurance companies came. Just like in most areas of Bosnia and Herzegovina, different foreign
interests collided. Thus it is no wonder that the first domestic Bosnia-Herzegovinian insurance company, Herceg Bosna, was
formed only in 1910.
With the formation of the Kingdom of Yugoslavia after the First World War, once again there was domination of insurance companies
with the main aim to take out from Bosnia and Herzegovina as much as possible.
After the end of the Second World War insurance was centralized with State Insurance Institute (DOZ). All insurance and reinsurance
was run from there. Spirit of proclaimed self management embraced this area too. The transformation of DOZ started at the
beginning of the sixties through the formation of more than 100 subsidiary insurance institutes. Afterwards they were merged into
11 insurance institutes. Throughout that time monopoly on the dispersion of risks and access to international reinsurance was held
by the Yugoslav Insurance Institute. The poorly thought out concept of risk dispersion, having nothing much in common with reinsurance,
led to the collapse of the Yugoslav Institute. The consequences of such a collapse were felt by insurers and insureds
through additional taxes. Yet another transformation of insurance and reinsurance followed with the principles of 1974
Constitution. From the following year within the Insurance and Reinsurance Community Sarajevo, a separate Reinsurance Risk
Community was formed. That was the precursor of Bosna RE. After changes in the law on the basics of the property and persons
insurance system, reinsurance operations were extracted from insurance community and in 1977. The Reinsurance Community
Bosna RE was formed.

Bosna RE je pocela sa radom prvog aprila 1978. godine. Odjel reosiguranja
Zajednice osiguranja imovine i lica Sarajevo izdvojen je u samostalnu organizaciju
sa osnovnim zadatkom da se bavi poslovima reosiguranja. Buduci
da reosiguranje na prostorima Bosne i Hercegovine postoji još od kraja 19.
vijeka, od kada sežu i veze sa medunarodnim tržištem reosiguranja, Bosna
RE imala je zadatak da te veze proširi i na najbolji nacin zaštiti portfelj
svoga, u tome vrijeme jedinog klijenta, Sarajevo osiguranja. Puni naziv glasio
je Zajednica reosiguranja "Bosna Reosiguranje" Sarajevo.
Sakupljeni na jednom mjestu, podaci govore o firmi koja se razvijala ravnomjerno,
uprkos svim vanjskim neravnomjernostima kojima je bila izložena.
Prvi direktor Bosna Reosiguranja prethodno je bio generalni direktor
Sarajevo osiguranja. Inace, gotovo svi uposlenici novoosnovane zajednice
reosiguranja radili su u Sarajevo osiguranju, u organizacionom dijelu koji se
bavio pasivnim reosiguranjem. Na pocetku je uposleno 16 radnika.
Interesantno da sada, kada slavimo 25 godina neprekidnog rada, imamo tri
uposlenika koji su kontinuirano, svih 25 godina, u kompaniji.
Želja da se potvrdi ispravnost formiranja samostalne firme za reosiguranje,
osposobljenost i upornost potvrdili su se kao valjana motivacija. Izvrsni
poslovni rezultati i korektan odnos prema obavezama afirmiraju nas kao profesionalnog
i pouzdanog reosiguravaca ne samo na teritoriji Bosne i
Hercegovine, vec citave tadašnje SFRJ, a kasnije i izvan njenih granica.
U doba socijalistickog samoupravljanja, u kojem su se cesto donosile nove
skupine zakona, propisa i odluka, to i nije bio baš lak zadatak. Jacanjem
firme povecavali su se znanje, kapaciteti, poslovni partneri i broj ugovora o
reosiguranju. Tako do pocetka devedesetih godina Bosna Reosigurane izrasta
u respektabilnu i pouzdanu kompaniju, sa ostvarenom godišnjom premijom
od preko 50 miliona DEM i ukupnim prihodom od oko 60 miliona DEM.
Tih godina ugled Bosna reosiguranja na inozemnom tržištu veoma je visok.
Iako po kapacitetima i obimu posla relativno mala kompanija, Bosna RE je
u svim poslovima prihvacena kao ravnopravan partner, kojem se može
vjerovati i koji u svakom projektu savjesno ispunjava svoje obaveze. Bosna
reosiguranje u potpunosti odgovara na sve postavljene zahtjeve, kako u
pogledu placanja premije reosiguranja za poslove predate u retrocesiju, tako
i u pogledu placanja šteta u skladu sa ugovorima o reosiguranju. Nije bilo
nikakvih problema kada je, na primjer, trebalo platiti štetu u rafineriji nafte
u Bosanskom Brodu u iznosu od 25 miliona USD. To je jedna od najvecih
šteta koje su se dogodile na prostorima bivše Jugoslavije. Isto je i sa štetom
u TE Gacko, od 17 miliona DEM.
Vrste ugovora, kao i njihova struktura, prevashodno ovise o portfelju koji se
štiti. Bosna i Hercegovina bila je zemlja sa razvijenom drvnom industrijom,
preradom metala, hemijskom i petrohemijskom industrijom, kao i
rudarstvom. Zato osnovu posla Bosna Reosiguranja cine proporcionalni
Kako je po~elo
ugovori o reosiguranju, prije svega u vrstama osiguranja kakve su
požar, lom strojeva, osiguranje gradevinskih i montažnih radova, osiguranje
rudnika... Veliki pogoni, zbog izrazito visokih vrijednosti, kao i
proizvodnje povezane s visokim rizicima, zahtijevali su posebna fakultativno-obligatorna
reosiguranja. U pokrice kroz te ugovore ulazile su i
sve termo i hidroelektrane, Željezara Zenica, Aluminij Mostar, rafinerije
Bosanski Brod i Modrica.
Bosna i Hercegovina je u to vrijeme jedan od najvecih izvoznika u
tadašnjoj Jugoslaviji. Reosiguranje transporta, ali i izvodaca gradevinskih
i montažnih radova, imali su posebno mjesto u poslovanju Bosna
reosiguranja. Iz tog perioda postoje dva dogadaja koja treba izdvojiti.
Prvi je potonuce broda Kumanovo (1989. godine), kada je placena
šteta iznosila preko dva miliona dolara. Drugi dogadaj bio je projekt
osiguranja i reosiguranja izgradnje brane Bekhme, koju je preuzela
sarajevska Hidrogradnja u saradnji sa turskom firmom Enka... Bosna
RE tom prilikom obezbjeduje sve uslove za osiguranje i reosiguranje
izgradnje jednog od najvecih hidrogradevinskih objekata na svijetu. Na
žalost, zbog politickih prilika u regionu gradnje, Hidrogradnja je morala
napustiti taj projekt.
Radili smo i neproporcionalne ugovore o reosiguranju zelene karte, za
štete po autoodgovornosti koje vozaci uzrokuju van zemlje, te posebne
ugovore za željeznicu, malu avijaciju (flote aviona vlade i privredne avijacije,
helikoptera MUP-a, flota Air Commerce-a), osiguranje usjeva,
životinja i niz drugih manjih ugovora.
Vodeci reosiguravac u inozemstvu za naše imovinske ugovore od prvog dana
je bio Munich Re iz Minhena, a prateci reosiguravaci bili su Swiss Re iz
Ciriha, (do 1986. godine), Cologne Re iz Kelna, Frankona Re iz Minhena,
Hannover Re iz Hanovera, Lloydsovi sindikati, London, Royal Re, London,
Mercantile and General London, SCOR Pariz, Assicurazioni Generali Trst,
Winterthur Swiss Insurance Co. Winterthur i mnogi drugi.
Bosna RE started work on the 1st of April 1978. The Reinsurance division
of the Property and Persons Insurance Community Sarajevo was detached
as a self standing organization with the main task to handle reinsurance
business. Since reinsurance is present on the territory of Bosnia and
How did it start
Herzegovina as of the end of 19th century, when relations with
the international reinsurance market exist, Bosna RE had a task
to widen such relations and to protect in the best possible way
the portfolio of its only client at that time, Sarajevo Insurance.
The full name was Reinsurance Community "Bosna Reinsurance"
Sarajevo.
Despite turbulent times the company managed a steady growth.
The first director of Bosna Reinsurance was previously general
director of Sarajevo Insurance. In fact, almost all employees of
the newly founded community worked in Sarajevo Insurance, in
its organizational department dealing with outward reinsurance.
At the beginning 16 workers were employed. It is interesting that
now, when we celebrate 25 years of uninterrupted work we have
3 employees that are continuously, all 25 years, with the company.
In confirmation of the justification of the establishment of a self
standing reinsurance community, competence and persistence
proved to be good motivators. Excellent business results and a
fair treatment of liabilities made us recognized as professional
and reliable reinsurers not only on territory of Bosnia and
Herzegovina but in entire territory at that time the SFRY and later
even outside its borders.
During the times of socialist self management, when new sets of
laws, regulations and decisions were frequently adopted, this
was not an easy task. Strengthening the company increased the
knowledge, capacities, number of business partners and the number of
reinsurance treaties. That way until the early nineties Bosna Reinsurance
grew into a respectable and reliable company with a realized annual premium
of more than 50 million DEM and overall income of around 60 million
DEM.
In these years the reputation of Bosna Reinsurance on the foreign market
was very high. Though by capacity and scope of business a relatively small
company, Bosna RE was in business accepted as an equal partner that can
be trusted and that conscientiously fulfills its liabilities in each project.
Bosna Reinsurance fully responds to all requests made, both in respect of
reinsurance premium payment for business retroceded and in respect of
payment of loss amounts belonging to the reinsured. There were no problems
when, for example, the loss at the Oil Refinery Bosanski Brod was paid
in the amount of 25 million USD. That was one of the biggest losses in the
territory of former Yugoslavia. It was the same with the loss in the Thermal
Power Plant Gacko, amounting to 17 million DEM.
Types of treaties, as well as their structure, before all depends upon the
portfolio to be protected. Bosnia and Herzegovina was a country with a
developed wood industry, metal processing, chemical and petrochemical
industries and mining. Thus the basis of the Bosna Reinsurance business
are proportional reinsurance treaties, before all in insurance classes like
fire, machinery breakdown, CAR and EAR, insurance of mines... Large
plants, for significantly higher values as well as production connected with
high risks, requested special facultative-obligatory reinsurances. Through
those treaties all thermal and hydro power plants, steel plant Zenica,
Aluminum plant Mostar and refineries Bosanski Brod and Modrica were
covered.
Bosnia and Herzegovina was one of the largest exporting republics in at
that time Yugoslavia. Reinsurance of transport, but also of contractors for
construction and erection works had a special position in the operations of
Bosna Reinsurance. There are two events from those times to be singled
out. The first was the sinking of the vessel Kumanovo (1989), when paid
losses were more than two million USD. The second one was the project of
insurance of Bekhme dam, a construction taken over by Hidrogradnja from
Sarajevo together with Turkish company Enke... Bosna RE provides all the
conditions for insurance and reinsurance of one of the largest hydro constructing
works ever. Unfortunately, due to political circumstances,
Hidrogradnja had to leave that project.
We also made non-proportional green cards reinsurance treaties, for losses
caused by motorists outside the country and separate treaties for railways,
general aviation (government aircraft fleet, business aircraft fleet,
police helicopters, and Air Commerce fleet), crops insurance, livestock and
number of other smaller treaties.
The leading foreign reinsurer for our property treaties from the first day was
Munich Re from Munich, while following reinsurers were Swiss Re from
Zurich (until 1986), Cologne Re from Cologne, Frankona Re from Munich,
Royal Re, London, Mercantile and General London, SCOR Paris,
Assicurazioni Generali Trieste, Winterthur Swiss Insurance Co. Winterthur

Olimpijada
Olimpic Games
Nemoguce je ne spomenuti izuzetno odgovoran i
kompleksan posao reosiguranja uraden za Zimske
olimpijske igre, održane 1984. godine u Sarajevu.
Projekt reosiguranja XIV Zimskih olimpijskih igara
je najsloženiji posao u historiji Bosna reosiguranja.
Zajedno sa kolegama iz Sarajevo osiguranja i
partnerima iz inozemstva obavili smo zadatak s
kakvim se vecina reosiguravajucih društava nikada
ne suoci. To je bio istinski izazov. I to je bio doprinos
Bosna reosiguranja Olimpijadi. Naravno, ovaj
doprinos bio je upotpunjen i novcanom donacijom
u koju su se ukljucili svi akteri projekata, domaci i
inozemni, tako što su se odrekli provizija u korist
Olimpijskog komiteta.
It is impossible not to mention the demanding,
outstandingly responsible and complex reinsurances
made for the Winter Olympic Games, held
in Sarajevo in 1984.
The project for5 the reinsurance of the 14th
Winter Olympic Games was the most complicated
business in the history of Bosna Reinsurance.
Together with colleagues from Sarajevo Insurance
and partners from abroad we completed a task
that most of reinsurance companies never face.
That was a true challenge. And that was the contribution
of Bosna Reinsurance to the Olympic
Games. Of course, this contribution was completed
with monetary contributions by participants in
this project, domestic and foreign ones, as they
all renounced commission in favor of the Olympic
Committee.
grafija potvrduje da smo ga savladali.

Pouzdan partner
Reliable partner
Bosna reosiguranje je aktivno sudjelovalo (istina, sa relativno malim udjelima)
i u ugovorima stranih društava za osiguranje i reosiguranje, cak i na
onim koje su sklapali najveci i najpoznatiji reosiguravaci i osiguravaci, poput
Munich Re iz Minhena, Cologne Re iz Kelna, Hannover Re iz Hannovera,
Frankona iz Minhena, kao i na ugovorima raznih subsidijarnih društava
ranja se od 1978. do 1991.
godine povecala za skoro pet
puta. Isto važi i za rezerve sigurnosti.
Takav rast, stabilan i
pouzdan, ucinio je da Bosna
Bosna Reinsurance participated
actively (truly, with relatively
small shares) also on treaties
of foreign insurance and reinsurance
companies, even on
insureds. So for the first time after the Second World War a shareholding
company is introduced as an organizational form. These changes led to the
transformation of insurance communities and the formation of shareholding
insurance and reinsurance companies.
americke Cigne iz razlicitih zemalja.... Bosna reosiguranje je sudjelovalo na
skoro 200 ugovora koji su dolazili sa svih kontinenata. Tako smo ucestvovali
i u reosiguranju platforme Piper Alfa. To je bio razlog ucešca u placanju
najvece štete do 1990. godine, nastale na izgradenom objektu i uzrokovane
ljudskim faktorom: požaru i potonucu naftne platforme Piper Alpha u
Sjevernom moru. Ukupna šteta iznosila je oko milijardu dolara.
Nova transformacija Bosna reosiguranja slijedi pocetkom devedesetih godina.
Zakonom o osnovama sistema osiguranja imovine i lica iz 1990. godine
napušta se koncepcija osiguranja kao šireg oblika udruživanja rada i sredstava,
tj. koncepcija zajednica kojim upravljaju osiguranici. Tako se po prvi
put nakon Drugog svjetskog rata uvodi dionicko društvo kao oblik organiziranja.
Ove promjene dovode do formiranja, odnosno transformacije
tadašnjih ZOIL-ova u dionicka društva za osiguranje, odnosno reosiguranje.
U to vrijeme formiraju se cetiri društva za reosiguranje:
- Bosna reosiguranje DD Sarajevo,
- Dunav RE dd Beograd,
- Sava RE dd Ljubljana i
- Slavija Lloyd dd Zagreb.
reosiguranje u inozemstvu bude
prepoznato kao firma u
ekspanziji. To nam je omogucilo
da naše poslovanje proširimo
izvan granica Bosne i
Hercegovine i bivše Jugoslavije.
Prve (nepune) godine u kojoj
radi kao dionicarsko društvo
(1990.), Bosna RE svojim dionicarima
ostvaruje dividendu u
visini od 13 posto. Druga godina
još je uspješnija. Dividenda
iznosi 35 posto.
Krajem 1991. godine Bosna
Reosiguranje dostiže svoj
vrhunac u pogledu obima poslovanja,
ljudskih resursa i broja
ugovora o reosiguranju. Osim
poslova iz Bosne i Hercegovine,
Bosna RE preuzima i poslove iz
those made by the largest and
most renowned insurers and
reinsurers like Munich Re from
Munich, Frankona Re from
Munich, as well as treaties of
subsidiary companies of
American Cigna from different
countries... Bosna Reinsurance
participated on almost 200
treaties from all continents.
Thus we participated in the
reinsurance of platform Piper
Alpha. This was a reason to
participate in payments for the
largest loss occurred until
1990 in the event on construction
and which can be attributed
to human action: fire and
sinking of oil platform Piper
Alpha in the North Sea. Total
loss amount was around one
billion USD.
Four reinsurance companies are formed at that time:
- Bosna Reinsurance Co. Ltd. Sarajevo,
- Dunav Reinsurance Co. Ld. Belgrade,
- Sava Reinsurance Co. Ltd. Ljubljana and
- Slavija Lloyd Co. Ltd. Zagreb.
Within the transformation into a shareholding company, Bosna RE makes
the first issue of shares. On that basis the company gets shareholders with
a capital of at that time 11.300.000 dinars, which was around 1.6 million
DEM. The largest share amounts were subscribed by Sarajevo Insurance,
Coning Varaždin, Makedonija Insurance Skopje, Sava Re Ljubljana, Slavija
Lloyd Zagreb, Dunav Re Belgrade, Unis Komerc, Feroelektro, UPI Bank,
Privredna Bank Sarajevo...
Bosna Reinsurance had a stable growth from formation until 1990. The new
form of organization was an incentive for development of the company.
Reinsurance premium increased five fold from 1978 until 1991. The same is
valid for free reserves. Such growth, stable and reliable, made Bosna
Reinsurance recognized abroad as a company in expansion. This enabled us
to widen our operations outside the borders of Bosnia ad Herzegovina and
former Yugoslavia.
U okviru transformacije u dionicko društvo, Bosna RE raspisuje prvu emisiju
dionica. Na osnovu raspisane emisije firma dobija dionicare sa kapitalom
od tadašnjih 11.300.000 dinara, što je iznosilo oko 1,6 miliona DEM.
Najveci dionicarski ulog upisali su Sarajevo osiguranje, Coning Varaždin,
drugih republika - Makedonije,
Crne Gore, Srbije, Slovenije i
Hrvatske, kao i iz inozemstva.
Struktura premije sastojala se
A new transformation of Bosna
Reinsurance followed in the
early nineties. By the Law on
In the first (incomplete) year of work as a shareholding company (1990),
Bosna RE realized for its shareholders dividends of 13 percent. The second
year was even more successful. Dividends were 35 percent.
Makedonija osiguranje Skoplje, Sava Re Ljubljana, Slavija Lloyd Zagreb,
Dunav Re Beograd, Unis Komerc, Feroelektro, UPI Banka, Privredna banka
Sarajevo...
Bosna reosiguranje, od osnivanja pa do 1990. godine ima stabilan rast. Novi
oblik organiziranja bio je dodatni podstrek razvoju društva. Premija reosigu-
od 85 posto iz Bosne i
Hercegovine, 10 posto premije
iz drugih republika SFRJ i 5
posto od društava iz inozemstva.
Basics of Property and
Persons Insurance System
from 1990, the concept of
insurance as a wide form of
association of work and funds
is abandoned, i.e. the concept
of communities managed by
At the end of 1991 Bosna Reinsurance reaches a culmination of the scope
of operations, human resources and the number of reinsurance treaties.
Beside business from Bosnia and Herzegovina, Bosna RE accepts business
from other republics - Macedonia, Montenegro, Serbia, Slovenia and Croatia,
as well as from abroad. In premium structure, 85% was coming from Bosnia
and Herzegovina, 10% of premium from other republics of SFRY and 5% of
premium from foreign companies.

Brief outlook on the present time
A sad nakratko, samo s jednim podatkom, sa ovih pocetaka prelazimo u aktuelni
poslovni trenutak: Bosna reosiguranje sada je svojom premijom dostigla
polovinu iznosa koje je imalo prije rata. Premija osiguranja na teritoriji Bosne i
Hercegovine je oko 40 posto od onoga što je ostvareno prije rata.
And now briefly, just with one piece of information, from the beginning points
we move to a current business moment: Bosna Reinsurance reached now with
its premium half of the amount it had before the war. Insurance premiums in
Bosnia and Herzegovina are 40% of what was realized before the war.
To najbolje govori u kakvom poslovnom ambijentu radimo i sa kakvim se problemima
suocavamo. Ali, kao vitalna i prodorna kompanija, Bosna reosiguranje
mnogo polaže na principe poslovanja i poslovnu filozofiju. Smatramo da je to
najbolji nacin za jednu kompaniju da prevazide društvene i probleme okruženja
i ostane uspješan poslovni kolektiv.
This speaks the best for the business ambiance in which we work and the problems
we are facing. But vital and as a forward looking company, Bosna
Reinsurance pays a great deal of attention to principles and business philosophy.
We believe it is the best way for a company to overcome problems of society
and surroundings and to remain a successful business collective.
Uz to, od ranije navedenih reosiguravaca koji su se osnovali istovremeno kad i
naša firma, samo Bosna reosiguranje je danas potpuno privatizirano društvo.
Besides this, out of all of the earlier mentioned reinsurers formed simultaneously
with our company, just Bosna Reinsurance is today a fully privatized company.
Kratki pogled u sada{njost

Lloyda i Triglav osiguranja. Veliki broj naših ljudi opstao je u izbjeglištvu zahvalju-
We owe gratitude to:
Ratna isku{enja
Bosna reosiguranje - kao ni bosanskohercegovacko društvo u cjelini - nije imala tu
srecu da se kontinuirano razvija. Ostat ce zabilježeno da je 1992. godina znacila
kraj jedne epohe cije su glavne karakteristike bile sigurnost, stabilnost i usavršavanje.
Kontinuitet je prekinut naglo i bez milosti. Jedna uspješna, razvojno usmjerena
firma, zaustavljena je u tom razvoju. Sigurno je da bi naš položaj bio mnogo
bolji da nije tog prekida.
Uslijedile su teške godine. Bosna razorena i napuštena, Sarajevo potpuno pod
opsadom. Godine su prolazile. Svi ugovori o reosiguranju, zbog ratnih dejstava, se
prekidaju, o cemu informiramo i strane reosiguravace. U prvi mah se cinilo da ce
taj prekid biti kratak, pa je od inozemnih reosiguravaca traženo da se ugovori o
reosiguranju zamrznu na kraci period. Tek nakon majskih dogadaja 1992. godine
postaje jasno da prekid ugovora o reosiguranju nece trajati kratko. Bosna reosiguranje,
kao i cjelokupna bosanskohercegovacka ekonomija, prelazi u fazu stagnacije.
U ovoj fazi, od dotadašnja 32 zaposlena, u naše poslovne prostorije dolazilo ih je
izmedu pet i osam, što je više zavisilo od mogucnosti dolaska na radno mjesto,
nego od stvarnih poslovnih potreba. Zahvaljujuci ovim ljudima, kao i tadašnjem
direktoru, Bosna reosiguranje je spašeno od propasti. Firma je preživjela!
Uz veliku pomoc prijatelja i poslovnih partnera iz inozemstva, radnici Bosna
Reosiguranja lakše su podnosili te teške mjesece i godine. Uz to, bili su u prilici da
donacije podijele sa drugima, jer je solidarnost tih godina bila vrhunski princip i
uslov opstanka. Zato koristimo priliku da se zahvalimo svima koji su novcanim
donacijama, paketima i na sve druge zamislive nacine pomogli zaposlenima iz
Bosna Reosiguranja. Zahvalnost dugujemo:
Aachener Ruck, Aachen,
Croatia Lloyd Zagreb,
David Wansbrough-Jones, London
DDOR Novi Sad,
Fenchurch Ins. New York,
Hannover Ruck, Hannover,
IRBL, London,
Munchener Ruck, Munchen,
SAFR, Paris,
Sava Re Ljubljana,
Triglav Ljubljana,
Ipak, neophodno je istaci nesebicnu pomoc koju su nam pružale kolege iz Croatia
juci novcanoj i svakoj drugoj pomoci uposlenika Croatia Lloyd-a. Za taj period
vezan je i dogadaj koji na najbolji nacin oslikava vitalnost naših uposlenika i njihovu
želju da se sacuva Bosna reosiguranje. Osim toga, taj dogadaj pokazuje i plemenitost
naših prijatelja, njihovu istinsku i nesebicnu želju da nam pomognu.
Godine 1994. grupa zaposlenih Bosna Reosiguranja uspjela je da po prvi put kroz
cuveni tunel izade iz Sarajeva i prisustvuje
tradicionalnom skupu reosiguravaca
u Monte Carlu. Iz opkoljenog
Sarajeva do obližnjeg Konjica putovalo
se dva dana. Nakon toga odlaze u
Ljubljanu, gdje ih naši poslovni partneri
i prijatelji iz Triglav osiguranja odvode u
prodavnicu i kupuju im prikladnija odijela
od onih u kojima su došli. Slijedi
tradicionalni skup reosiguravaca u
Monte Karlu. Tamo su ih docekali kao
cudo, poslovnu i egzistencijalnu senzaciju.
Niko nije ocekivao da ce se na
takvom skupu pojaviti ekipa iz
otpisanog Sarajeva. Ipak su se pojavili i
uradili što je trebalo uraditi. Nijedan
posao nije ostao nezatvoren ili neriješen.
Tokom ovih teških vremena trudili smo
se da naši inozemni partneri saznaju da smo živi, da mislimo na reosiguranje, da
cuvamo firmu i njenu imovinu, da brinemo o našoj vec decenijama istoj adresi u
Despicevoj ulici broj cetiri... I da cekamo bolja vremena, kako bismo se ponovo
ukljucili u posao. Svih tih godina imali smo znacajnu moralnu podršku naših prijatelja
i poslovnih partnera iz inozemstva. I firma Harris & Dixon pružila je dragocijenu
pomoc u tim teškim vremenima, potvrdujuci snagu i iskrenost poslovne
saradnje i prijateljskih veza koje smo u meduvremenu razvili.
Poslovna zgrada u kojoj smo zbog izloženosti koristili samo prizemlje i podrum, u
nekoliko navrata pogodena je granatama i ozbiljno oštecena. Srecom, uspjeli smo
sacuvati svu dokumentaciju i to je bio osnov za novi pocetak.
U prilog strucnosti i znanju Bosna reosiguranja govori i cinjenica da su naši
uposlenici, koji su napustili Bosnu i Hercegovinu u tom periodu, nastavili uspješne
karijere u struci i uglednim brokerskim, osiguravajucim i reosiguravajucim društvima
u Velikoj Britaniji, Kanadi, Švedskoj i Austriji.
War expirience
Bosna Reinsurance - just like the entire
Bosnia-Herzegovinian society - did not
have the luck to develop continuously. It
will be recorded that 1992 meant the
end of one epoch whose main characteristics
were security, stability and
improvement. Continuity was disrupted
suddenly and mercilessly. One successful
company directed to advance was
stopped in development. It is certain
our position would be much better without
such break.
Hard years followed. Bosnia was devastated
and left alone, Sarajevo was
under complete siege. Years passed by.
All reinsurance treaties, due to war
operations, in agreement with Sarajevo
Insurance, were cancelled and foreign
reinsurers informed. At first it seemed this break would be a short one, so it was
requested from foreign reinsurers to freeze treaties for a while. Only after the
events of May 1992 did it became clear that break in reinsurance treaties is not
going to be brief. Bosna Reinsurance like the entire Bosnia-Herzegovinian economy
practically entered into phase of stagnation.
In this phase, out of 32 employees, some five to eight continued coming to business
premises, which depended more on possibilities to come than real business
needs. Thanks to these people and the director at that time, Bosna Reinsurance
was saved from complete downfall. The company has survived!
With the big help of friends and business partners from abroad, employees of
Bosna Reinsurance endured more easily those tough months and years. Besides
that, they were in a position to share donations with others as solidarity was a
paramount principle and condition of survival. That is why we are using this opportunity
to express our gratitude to all whose monetary donations, packages and
support in all other imaginable ways helped the employees of Bosna Reinsurance.
Aachener Re, Aachen,
Croatia Lloyd Zagreb,
Mr. David Wansbrough-Jones, London
DDOR Novi Sad,
Fenchurch Ins., New York,
Hannover Re, Hannover,
IRBL, London,
Munich Re, Munich,
SAFR, Paris,
Sava Re Ljubljana,
Triglav Ljubljana,
Still, it is necessary to highlight the unselfish help given by our colleagues from
Croatia Lloyd and Triglav Insurance. Large numbers of our employees hold out as
refugees thanks to the pecuniary and every other support given by employees of
Croatia Lloyd. From that time an event is connected which outlines in the best way
the vitality of our workers and their will to preserve Bosna Reinsurance. Besides
that, this event shows noble-mindedness of our friends, their sincere and selfless
desire to help us. In 1994 a group of Bosna Reinsurance employees managed for
the first time to leave Sarajevo through the famous tunnel to attend the traditional
Rendezvous of reinsurers in Monte Carlo. From besieged Sarajevo to nearby
Konjic traveling took two days. After that they are off to Ljubljana, where our business
partners and friends from Triglav Insurance took them to a store to buy them
suits more appropriate from those they came in. The traditional gathering of reinsurers
in Monte Carlo followed. There they were welcomed as a miracle. No one
expected the appearance at such a meeting a team from crossed off Sarajevo. Still
they showed up and did what had to be done. No business remained unclosed or
unsolved.
We tried during these hard times to let our foreign partners know about us and let
them know we are alive, thinking about reinsurance, keeping the company and its
property, taking care of our decades long address Despiceva Street number 4...
And that we were waiting for better times, to rejoin in business. All these years we
had important moral support from our friends and foreign business partners. The
company Harris & Dixon offered valuable help in such heavy times, confirming
strength and sincere ness of business relation and friendship we developed before.
Our building in which, due to exposure, we used only ground floor and basement,
was hit several times and sustained serious damage. Luckily, we managed to save

[tete
Dogadanja u periodu 1992-1996. godine, potpuno
su razorila bosanskohercegovacku
ekonomiju. Razaranja nisu bila samo fizicka.
Najveci bosanskohercegovacki izvoznici izgubili
su svoja tržišta. Naravno, inflacija od nekoliko
desetina hiljada procenata svela je ekonomiju
Bosne i Hercegovine na ekonomiju koja je za 20 puta bila slabija od one sa
pocetka 1992. godine. Ovakvo stanje odražava se i na stanje u osiguranju.
Kapital, rezerve sigurnosti, objekti, osoblje; gotovo kompletna infrastruktura
osiguranja je razorena. Ipak, odluka države da i u periodu 1992. - 1995. godine
mora postojati obavezno osiguranje vozila, održala je ovu granu ekonomije u
funkciji. Minimalnoj, ali dovoljnoj za preživljavanje. Cak pocinju da se formiraju
i nova, privatna društva za osiguranje koja unose elemente konkurencije i
tržišne utakmice u ovu oblast. Svih tih mjeseci i godina Bosna reosiguranje nije
prestajalo sa radom. Održavani su kontakti sa inozemnim partnerima, obavljani
poslovi zatvaranja ili svodenja na mirovanje ugovora o reosiguranju, a neki
aktivni poslovi su i potpuno okoncani.
Svi novcani fondovi do pocetka 1992. godine bili su u domacoj valuti, dinarima.
Ta sredstva su u vrijeme visoke inflacije potpuno obezvrijedena. Pocetak novog
poslovanja, 1996. godine docekali smo samo sa našom oštecenom poslovnom
zgradom, spašenom arhivom, sacuvanim vezama sa inozemnim tržištem i, ono
što je najbitnije, radnicima koji su bili educirani da kvalitetno obavljaju posao
reosiguranja. Dakle, 1996. godine okupili smo ekipu od 18 zaposlenih i krenuli
u posao kao da pocinjemo od pocetka. Bila je to avantura s neizvjesnim
ishodom. Pravi poslovni izazov. Ova monografija potvrduje da smo ga savladali.
Events from the period 1992-1996 devastated
completely the economy of Bosnia and
Herzegovina. Devastation was not only physical.
In that long period the largest Bosnia-
Herzegovinian exporters lost their markets. Of
course, inflation of several tens of thousand percents
reduced the economy of Bosnia and Herzegovina to a level 20 times
weaker in comparison to one from beginning of 1992. This situation reflects
also the situation in insurance. Capital, free reserves, buildings, staff; almost
the entire insurance infrastructure was destroyed. However, the decision of the
state that even in the period from 1992 to 1995 there must be compulsory
third party liability insurance for vehicles, kept this part of economy in function.
Minimal, but sufficient for survival. Even new, private insurance companies have
been formed bringing elements of competition and market conditions into this
area. In all those months and years Bosna Reinsurance did not cease working.
Contacts with foreign partners were maintained, jobs of closing or freezing reinsurance
treaties were done, while some inward businesses were fully terminated.
All monetary funds up to the beginning of 1992 were in local currency, dinars.
Those funds in times of high inflation were completely devalued. At the restart
of operations in 1996 we had only our damaged business premises, saved
archive, maintained links with the international market and, most importantly,
employees educated to do proper reinsurance. So, in 1998 we gathered a team
of 18 employees and started like we were doing it from the very beginning. It
was an adventure with an uncertain outcome. A real business challenge. This
monograph shows how we got on top of it.
Losses

Obnova, kona~no
Reconstruction, Finally
Krajem 1995. i pocetkom 1996. godine pocinje obnova bosanskohercegovacke ekonomije. Ovu
obnovu prati i industrija osiguranja, a vec krajem 1996. godine, sklapamo prve ugovore o reosiguranju.
U periodu 1996-2002. godine, Bosna reosiguranje za preko deset puta povecava premiju
reosiguranja. Istovremeno, ukupan prihod Bosna RE povecava se u periodu od šest godina za preko
šest puta. Naravno, ovo je još uvijek daleko od premije i prihoda koji su ostvarivani pocetkom
devedesetih godina. Ipak, dostigli smo negdje oko polovine tog iznosa. Svakako je ovo brži rast nego
ga ima ukupna privreda Bosne i Hercegovine. Krajem 1996. godine Bosna RE je imala dva ugovora
koja su pokrivala reosiguranje zelene karte. Tokom narednog perioda pocinje konstantan razvoj poslovanja,
da bi na kraju 2002. godine portfelj Bosna reosiguranja sadržavao 62 ugovora, zakljucena sa
18 klijenata iz Bosne i Hercegovine i Hrvatske. Obnavljaju se stare veze sa partnerima iz Slovenije,
Hrvatske, Srbije, Crne Gore i Makedonije. Sa nekima se uspostavljaju i poslovne veze.
Neovisnost Bosna reosiguranja, izvrsno i educirano osoblje, veoma dobri odnosi sa velikim reosiguravacima
na medunarodnom tržištu reosiguranja, višestruko potvrden ugled na domacem i inozemnom
planu, garancija su da Bosna RE može iz godine u godinu unapredivati svoju poziciju. Naravno,
prisutna je svijest o inozemnim osiguravacima koji ce u Bosni i Hercegovini narednih godina tražiti
nova tržišta i partnere. U tom smislu i Bosna RE ce morati da mijenja svoju strategiju razvoja, prilagodavajuci
je tim promjenama.
Pocetkom 1996. godine raspisuje se druga emisija dionica. Stari dionicari imaju puno povjerenje u
Bosna RE i upisuju potrebni kapital. Njima se pridružuju i novi, koji su ulaganje u Bosna reosiguranje
shvatili kao sigurnu investiciju, koja ce im donositi stalni prihod. Upisani kapital iznosio je 3,1 DEM.
Pored starih, novi dionicari postaju Triglav BH osiguranje, Union Banka, Triglav RE, BMS Harris &
Dixon, Euroherc osiguranje itd.
Od 1997. godine Bosna reosiguranje pocinje isplacivati dividende svojim dionicarima jer je to bila
prva normalna godina rada, u kojoj Bosna reosiguranje ostvaruje premiju u visini od 10,9 miliona
KM. Sljedece, 1998. godine isplacuje se i dividenda dionicarima u visini od osam posto, što je izuzetak
za tadašnje uvjete privredivanja. Istu takvu dividendu Bosna Re je nastavila da isplacuje svojim
dionicarima do današnjih dana.
At the end of 1995 and at the beginning 1996 the reconstruction of Bosnia-Herzegovina economy
started. This reconstruction was followed by the insurance industry and already at the end 1996
Bosna RE made the first reinsurance treaties. In the period 1996-2002 Bosna Reinsurance increased
reinsurance premium more than ten times. Simultaneously, overall the income of Bosna RE
increased six times over a period of six years. Of course, this is still far from the premium and
income realized in the early nineties. Still, we reached around half of that amount. For sure this was
good growth faster than the overall economy of Bosnia and Herzegovina had. At the end of 1996
Bosna RE had two reinsurance treaties covering green cards. In the period from the restart of operations
to the end of 2002 Bosna Reinsurance increased protection of portfolios to 62 treaties, concluded
with 18 clients from Bosnia and Herzegovina and Croatia. Old relations are reestablished with
partners from Slovenia, Croatia, Serbia, Montenegro and Macedonia. With some old business relations
were established again.
The independence of Bosna Reinsurance, the excellent and educated staff, the very good relations
with large reinsurers in the international reinsurance market, all this many times confirmed Bosna
RE's reputation both in the domestic market and internationally and also guaranteed that Bosna RE
could from year to year improve its position. Of course, awareness of foreign insurers that will in
years to come look for new markets and partners in Bosnia and Herzegovina is present. In that sense
Bosna RE will have to change its development strategy, adapting it to those future changes.
At the beginning of 1996 the second share issue was opened. Old shareholders had full confidence
in Bosna RE and they subscribed the required capital. Some new ones joined them, understanding
investment in Bosna Reinsurance as a safe investment to bring them constant income. The subscribed
capital was 3.1 million DEM.
Together with the old, our new shareholders became Triglav BH Insurance, Union Bank, Triglav RE,
BMS Harris & Dixon, Euroherc Insurance etc.
As of 1997 Bosna Reinsurance started to pay out dividends to its shareholders since it was the first
normal year of operations, in which Bosna Reinsurance realized premium amounting 10.9 million
KM. Next year, 1998, the dividends paid out to our shareholders were 8%, which was the exception
for business circumstances at that time. The same dividends Bosna RE continued to pay out to its
shareholders until present days.

Poslovna filozofija
Od osnivanja, 1978. godine, temelj poslovne filozofije Bosna reosiguranja pociva na kvalitetu usluga.
Realno, te su usluge bile kvalitetne, ali valja napomenuti da je firma radila u uslovima koji nisu davali
mnogo mogucnosti za uporedivanje.
U periodu od donošenja novog zakona 1990. godine do 1996. godine u Bosni i Hercegovini se osniva
preko dvadeset firmi za osiguranje. To je vrlo specificna skupina društava. Neka medu njima su
posjedovala solidno znanje o poslovima osiguranja, jedan broj ih je bio tek upucen, a znatan dio je
krenuo od nule, bez prethodnog znanja i relevantnog profesionalnog iskustva. Takvi uslovi Bosna
reosiguranju namecu posebnu odgovornost i specificne zadatke. Svim ovim društvima je neophodno
pružiti reosiguravajucu zaštitu, u razlicitim oblicima, na razlicitim nivoima, ali u pogledu kvaliteta i
sigurnosti podjednaku za sve. Ravnopravnost je tu uslov bez kojeg se ne može.
Ako bismo našu poslovnu filozofiju i njene osnovne principe morali sažeti u jednu recenicu, onda
bismo to izrazili ovako: "Najbolja usluga, skrojena po mjeri i zahtjevima klijenata". Ovo znaci da Bosna
RE pruža profesionalnu i kvalitetnu uslugu koja se bazira na sigurnosti, stabilnosti, kontinuitetu i
znanju. Svaki klijent i svaki pojedini ugovor predstavljaju novi izazov i zadatak za našu kompaniju.
Svakom od njih prilazi se sa punom odgovornošcu; uvijek se pokušava iznaci najbolji moguci nacin
za savladavanje prepreka. Znanje naših uposlenika i njihov profesionalni odnos prema poslu omogucavaju
nam da ponudimo kvalitetno i efikasno rješenje u svakoj situaciji.
Bosna RE neprestano unapreduje svoje poslovne veze sa najvecim reosiguravacima na svijetu. Ova
saradnja neophodna je zbog toga što, koristeci kapacitete velikih reosiguravaca, Bosna RE povecava
vlastite kapacitete i štiti preuzeti portfelj, s jedne strane, i što preko saradnje sa uglednim svjetskim
društvima dolazi do najnovijih saznanja i tehnologija koji su neophodni radi pružanja najbolje zaštite
za sopstvene klijente, s druge.
Uostalom, cinjenica da u 25 godina poslovanja nije voden niti jedan sudski spor, koji se odnosi na
neku od obaveza iz preuzetih ugovora o reosiguranju, jasno govori o nacelima poslovne filozofije naše
kompanije. Najbolja usluga podrazumijeva blagovremeno i potpuno placanje obaveza klijentima, sve
do visine preuzete odgovornosti. U ovoj izazovnoj profesiji pouzdan partner postaje se strogim izbjegavanjem
odugovlacenja i neplacanja financijskih obaveza. Špekulacija na štetu klijenta, to u našem
nacinu razmišljanja i poslovanja ne postoji ni kao metod, ni kao taktika ni kao strategija.
To je Bosna reosiguranje. Ponosni smo na svoj ugled i svoje poslovne principe.
Business philosophy
From the establishment in 1978, the foundation of the business philosophy of Bosna Reinsurance
is quality of service. Realistically, those services were of good quality, but it should be mentioned
that company operated in environment that did not give many possibilities for comparison.
In the period from the adoption of the new law in 1990 until 1996, over twenty insurance companies
were formed in Bosnia and Herzegovina. It is a very specific group of companies. Some of them
possessed solid knowledge of insurance, some of them were just acquainted and a good part started,
practically, from the ground, without previous knowledge and relevant professional experience.
Such conditions imposed upon Bosna Reinsurance special responsibility and specific tasks. It was
necessary to give to all these companies reinsurance cover, in different forms, on different levels, but
in respect of quality and security equal to all. Equality is a condition that one cannot work without.
If we would have to compress our business philosophy and its basic principles in one sentence than
it would sound like this: "Best service, tailored by measure and demands of clients". This means that
Bosna RE offers professional service of good quality that is based on security, stability, continuity
and knowledge. Each client and each single treaty represent new challenge and task for our company.
Each of them is approached with full responsibility; we always try to find the best possible ways
to overcome obstacles. Knowledge of our employees and their professional attitude towards work
enable us to offer good and efficient solutions in every situation.
Bosna RE constantly improves its business relations with the largest reinsurers of the world. This
cooperation is necessary as, using capacities of large reinsurers, Bosna RE from one side increases
own capacities and protects the portfolio taken over and on the other side through such cooperation
with renowned companies in the world Bosna RE comes to the latest know-how and technologies
needed for the best protection of its clients.
After all, the fact that in 25 years of doing business we did not have any litigation in respect of liabilities
taken over by reinsurance treaties clearly speaks of principles of our business philosophy.
Best service accounts for timely and full payment of liabilities towards clients, up to the limit of the
liability taken over. In this challenging profession one becomes a reliable partner by strict avoidance
of delays and evasion of payment of financial liabilities. In our thinking speculation on account of
the client does not exist either as method or as a tactic or strategy.
That is Bosna Reinsurance. We are proud of our reputation and our business principles.

Edukacija kao strategija
Education as strategy
Posebna pažnja uvijek je bila posvecivana podmladivanju i obuci kadrova Bosna
Reosiguranja. Naši kadrovi obucavani su kod Cologne Re u Kelnu, Munich Re u
Minhenu, Harris and Dixon iz Londona, Gradmann und Holler u Frankfurtu,
Swiss Re u Cirihu, Winterthur u Winterturu, Allstate Re u Cugu zakljucno sa
1991. godinom, a potom od 1996. u GE Frankona Re u Minhenu, SCOR u
Parizu, Swiss Re u Cirihu, CERES u Londonu, GeneralCologne Re u Kelnu, Aon
u Londonu.
Special attention was always given to recruitment and education of the Bosna
Reinsurance cadre. Our staff was trained by Cologne Re in Cologne, Munich Re
in Munich, Harris and Dixon in London, Gradmann und Holler in Frankfurt,
Swiss Re in Zurich, Winterthur in Winterthur, Allstate Re in Zug up to 1991, and
after 1996 by GE Frankona Re in Munich, SCOR in Paris, Swiss Re in Zurich,
CERES in London, GeneralCologne Re in Cologne and Aon in London.
Uz to, obuka kadrova naših klijenata od osnivanja firme zauzima znacajno
mjesto u njenom poslovanju. Tako smo uz edukaciju u inozemstvu, za pojedince
iz društava za osiguranja koje reosiguravamo, svake godine organizirali i seminare
za veci broj sudionika, na kojem su predavaci bili predstavnici najpoznatijih
svjetskih kuca, ranije uglavnom iz Munich Re iz Minhena, a nakon 1996. iz
GE Frankona Re iz Minhena, Swiss Re iz Ciriha, BMS Harris and Dixon iz
Londona, Ceres iz Londona, SAFR Partner Re iz Pariza, GeneralCologne Re iz
Kelna, QBE Europe Re iz Dablina, Aon iz Londona. Do danas je organizirano 25
seminara sa prosjekom od 30 polaznika. Teme obuhvataju razlicite aspekte
imovinskih osiguranja i reosiguranja, opcu i odgovornost za proizvode, odgovornost
lijecnika za nesavjesne postupke, marginu solventnosti i samopridržaj
osiguravajucih društava, kao i zelenu kartu.
Together with this, the training of the staff of our clients since the establishment
of the company takes an important position in our operations. We have
organized, together with the education of individual client representatives
abroad, seminars each year for a large number of participants, where lecturers
were representatives of the most renowned companies on the world, previously
mainly from Munich Re form Munich and after 1996 GE Frankona Re from
Munich, Swiss Re from Zurich, BMS Harris and Dixon from London, Ceres from
London, SAFR Partner Re from Paris, GeneralCologne Re from Cologne, QBE
Europe Re from Dublin and Aon from London. Until today 25 seminars were
organized with an average of 30 participants. Topics covered different aspects
of property insurance and reinsurance, general and product liability, medical
malpractice, solvency margins and the net retention of insurance companies,
as well as green card.

Principi, aktivnosti, praksa
Promjene koje su se desile na tržištu osiguranja
u Bosni i Hercegovini zahtijevale su drugaciji
nacin poslovanja. Veliki broj novonastalih društava
za osiguranje, sa manjim kapacitetima i dominantnim
ucešcem osiguranja autoodgovornosti,
znacio je potrebu za brzim pružanjem kvalitetnih
usluga. Trenutno Bosna RE pruža reosiguranje zelene karte za sva društva koja
izdaju zelenu kartu u BiH, njih 27, a kod ostalih vrsta osiguranja radimo sa 16
društava za osiguranje iz BiH, te pet društava za osiguranje iz inozemstva, od
kojih su tri znacajnija. Pri tome, Bosna RE pruža usluge reosiguranja i u neživotnom
i u životnom osiguranju.
Cinjenica da je Bosna RE jedino profesionalno društvo za reosiguranje u Bosni
i Hercegovini ne daje nam pravo na monopol. Konkurencija je itekako prisutna,
kako od društava za reosiguranje iz država nastalih nakon raspada SFRJ, tako
i od društava iz zapadne Evrope. Konkurencija, nekima neugodna, Bosna RE,
naprotiv, cini aktivnim, spremnim na stalno usavršavanje i napredovanje. Zato
su i aktivnosti Bosna reosiguranja uvijek usmjerene prema poboljšanju usluga,
na aktivnosti koje znace boljitak ne samo za nas, nego i za naše partnere.
Rad sa velikim brojem društava za osiguranje omogucava nam odlican uvid u
stanje na tržištu osiguranja u Bosni i Hercegovini, kao i u ostalim zemljama.
Stoga je Bosna RE pravi partner kojem se zainteresirani obracaju u slucaju
potrebe za reosiguranjem u Bosni i Hercegovini i regiji.
Changes that occurred in the insurance
market in Bosnia and
Herzegovina required different ways of
conducting business. Large numbers
of newly formed insurance companies,
with lower capacities and a dominant
participation of motor third party liability insurance meant a need to provide
a fast service of quality. Currently Bosna RE gives reinsurance of
green cards for all companies that issue green cards in BiH, 27 of them,
while in other classes of insurance we work with 16 insurance companies
from BiH and five insurance companies from abroad, three of them being
key clients. Bosna RE offers reinsurance both for non-life and life insurance.
The fact that Bosna RE is the only professional reinsurance company in
Bosnia and Herzegovina does not give us the right of monopoly.
Competition is surely present, be it from reinsurance companies from
countries formed after the dissolution of SFRY or from Western Europe.
Competition, unpleasant to some, makes the opposite to Bosna
Reinsurance to be active, ready for permanent improvement and advancement.
That is why activities of Bosna Reinsurance are always directed
towards improvement of quality of service, towards activities that mean
betterment not only for us but for our partners as well.
Work with a large number of insurance companies enables us to provide
an excellent insight into the insurance market conditions in Bosnia and
Herzegovina and in other countries. That is why Bosna RE is the right partner
to which interested parties are turning to in case of need for reinsurance
in Bosnia and Herzegovina and in the region.
Principles, Activities, Practice

Aktuelni trenutak
Actual moment
Sadašnji fondovi reosiguranja uloženi su u nekretnine, dionice nekoliko banaka
i osiguravajucih društava kao i u društvo za upravljanje investicionim fondovima.
Na Londonskom tržištu reosiguranja, koje je jedno od vodecih mjesta za ovaj
biznis u svijetu, Bosna reosiguranje još od 1990. godine posjeduje zajedno sa
britanskim partnerom brokersku kucu. Naš sadašnji partner je svjetski poznati
broker AON.
Current reinsurance funds are invested in real estate, shares of several banks
and insurance companies and in company that manages investment funds.
In the London reinsurance market, one of the leading locations for this business
in the world, Bosna Reinsurance owns together with a British partner a
broking company. Our current partner is the world famous broker AON.
U uslovima u kojima država još nema snage ni mogucnosti da punim kapacitetom
realizira sve svoje funkcije, Bosna reosiguranje se javlja kao znacajan faktor
kompenzacije tih sistemskih nedostataka. Posebnu pažnju danas poklanjamo
visokom obrazovanju. Elektrotehnickom, a potom i Ekonomskom fakultetu
poklonjeno je po dvadeset racunara. Bosna reosiguranje pomaže i razne socijalne
programe, dobrotvorne ustanove, kulturne i sportske manifestacije.
In conditions in which the state still has neither power nor capabilities to realize
in full capacity all its functions, Bosna Reinsurance stands as an important
factor of compensation of such systemic shortcomings. We are giving special
attention to higher education. At the University of Sarajevo Electro technical
and later on Faculty of Economics were given twenty computers each. Bosna
Reinsurance supports different social programmes, charity institutions, cultural
and sports manifestations.

Budu}nost
Future
U našem radu trudimo se da buducnost gledamo kroz poslovne ciljeve koje smo
postavili kao vrhunske prioritete i poslovne principe kompanije Bosna reosiguranje.
Postoje tri takva strateška prioriteta:
1. Opstanak Bosna reosiguranja kao profesionalnog reosiguravaca na bosanskohercegovackom
i medunarodnom tržištu osiguranja;
2. Ocuvanje financijske snage Društva;
3. Ocuvanje statusa i ugleda društva koji je stican posljednjih 25 godina;
Realizacija ovih ciljeva nece biti laka. Uzdamo se u znanje i kadrove, koje Bosna
RE posjeduje, ali i one koje namjeravamo primiti i školovati u narednom periodu.
Prema mišljenju mnogih inozemnih partnera, jednu od najboljih usluga u
regionu pruža Bosna reosiguranje, što je obaveza, ali i dobro došao stimulans za
sve zaposlene. Podrška partnera iz inozemstva nece izostati. Medutim, u tom
dijelu morat ce se poduzeti znacajne promjene, koje ce biti u skladu sa novim
trendovima reosiguranja na evropskom i svjetskom tržištu. Ovdje se prije svega
misli na promjene odnosa prema osiguranju-reosiguranju prirodnih opasnosti,
kao i opcem pristupu osiguranju i reosiguranju. Ocekujemo da ce nas i domaci
klijenti podržati u tim nastojanjima.
Ove ciljeve namjeravamo postici tako što cemo našim klijentima pružiti najbolje
moguce reosiguravajuce pokrice, puni servis u pogledu vodenja poslova reosiguranja
i potpunu uslugu i pracenje njihovih poslova osiguranja.
We are trying in our work to see a future through our business goals as set as out
through paramount priorities and through the business principles of Bosna
Reinsurance. There are three such strategic priorities:
1. Survival of Bosna Reinsurance as professional reinsurer in the Bosnia-
Herzegovinian and international insurance market;
2. Sustaining of the financial strength of the Company;
3. Sustaining of the status and reputation of the company built over the past 25
years;
Realization of these goals is not going to be easy. We are confident in the knowledge
and cadre that Bosna RE has, but also in those that we still intend to employ
and train in the following period. In the opinion of many foreign partners, one of
the best services in the region is that provided by Bosna Reinsurance. It is commitment
but also a welcome stimulant for all our employees. Support from partners
from abroad will not fail. However, in that respect significant changes will
have to take place, in accordance with new trends in reinsurance in the markets
of Europe and worldwide. Before all we think here about changes in the attitude
towards insurance-reinsurance of natural perils, as well as the general approach
to insurance and reinsurance. We expect support from domestic clients in these
attempts.
These goals we intend to accomplish by giving our clients the best possible reinsurance
cover, full service in respect of administration of reinsurance business
and a complete service and support in their insurance business.

Poruka za kraj...
Ljudi People
As of April 1978 until May 2003 April 1978. - maj 2003. godine
To je bila sažeta povijest jedne uspješne firme. Proteklih cetvrt vijeka Bosna
reosiguranje nikada nije poslovnu godinu završilo sa negativnim financijskim
rezultatom. Danas u našoj kompaniji rade 25 radnika. Rijec je o visokoobrazovanim,
sposobnim i motiviranim uposlenicima koji prate aktuelne svjetske trendove
u reosiguranju i osiguranju. Naš je osnovni zadatak usavršiti svoje znanje,
unaprijediti usluge, pratiti nove tehnologije, biti u toku sa aktuelnim dostignucima
u struci. Taj zadatak realiziramo tako što klijenta i njegove potrebe uvijek
stavljamo na prvo mjesto. To je strategija Bosna reosiguranja za 21. vijek. I to je
garancija buducih uspjeha.
End message
That was a brief history of one successful company. In the past quarter of he
century Bosna Reinsurance never ended a business year with negative financial
result. Today there are 25 employees working in our company. These are highly
educated, capable and motivated employees that follow current trends in world
of reinsurance and insurance. Our main task is to enhance our knowledge, follow
up new technologies, and be in line with current achievements in this profession.
We work on that task by putting our clients and their needs always in
the first place. That is strategy of Bosna Reinsurance for the 21st century. And
that is the guarantee for future success.
Mirsad Agic
Dževad Alic
Zoran Alic
Biljana Andric
Viktorija Bojic
Dejana Džinovic
Divna Crnogorac
Nikola Cucic
Marija Celikovic
Hajrudin Cengic
Abdulah Cicic
Hasan Delic
Dušanka Ðuric
Devla Efendic
Zijo Filipovic
Zlatan Filipovic
Vesna Filipovic-Ivanovic
Koviljka Gaceša
Spomenka Gajic
Bosiljka Gligorijevic
Draženko Guber
Anis Hadžialijagic
Murfeta Hajdarpašic
Fadil Haveric
Mirza Hrustanovic
Edina Huskic
Kemal Jašarevic
Zubeida Kadic
Hidajet Kanlic
Radmila Keric
Anda Kovacevic
Anica Kuzman
Aida Lacevic
Damir Lacevic
Slobodan Lazarevic
Nebojša Lucic
Jasminka Ljuca
Edisa Mahmutovic
Neven Manojlovic
Zdenka Maric
Danica Mercep
Jovo Miškovic
Milivoje Mladenovic
Indira Mlivic
Vahdeta Muhic
POPIS RADNIKA BOSNA REOSIGURANJA
LIST OF EMPLOYEES OF BOSNA REINSURANCE
Aida Mujezinovic
Husein Music
Nada Nikolic
Ivica Novicic
Adila Osmankovic
Bakir Pilav
Mihajlo Popovic
Vojimirka Prebanic
Ranka Radoja
Zehrija Ribic
Jasmina Sahacic
Belma Selimovic
Sandra Selimovic
Vladimir Sigel
Janja Simicevic
Dijana Smailbegovic
Jasmina Spahic
Ranko Stakic
Mevzeta Sunulahpašic
Nada Šarenac
Snežana Škrobot
Nermina Alic
Vesna Tepavcevic