Baltic, Financial Services, Good for Business, Insurance, Mergers and take-overs
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Saturday, 23.11.2024, 13:39
Vienna Insurance Group closes acquisition of Baltic insurer Seesam
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The acquisition was completed on August 31 after obtaining the necessary regulatory approvals from the Baltic competition authorities.
The deal, whose value has not been disclosed, was signed in December 2017.
Based on first-quarter data, the acquisition of the Estonian insurance company Seesam and its branches in Latvia and Lithuania will increase VIG's market share to 23.7%, making it the leader of the Baltic insurance market.
VIG back in 2016 purchased Latvia's BTA Baltic Insurance Company and also owns Compensa Vienna Insurance Group.
In the Baltics, Seesam has 23 customers service offices and over 180,000 customers, with private individuals accounting for 85%. The company, which has 342 employees in the three countries, last year held a 5.3% share of the Baltic non-life insurance market.
VIG employs a workforce of around 25,000 in 50 companies in 25 countries.
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