We assisted ERGO Group with the sale of its Belarusian non-life subsidiary, ERGO Insurance Company, to Euroins Insurance Group, one of the leading independent insurance groups in the CEE/SEE/CIS region. The acquisition allows Euroins to enter the Belarusian insurance market and thus to continue its expansion in the region. In recent years Euroins has acquired insurance businesses in Bulgaria, Georgia, Romania, Russia, and Ukraine, including a former Ukrainian subsidiary of ERGO.
The ERGO Group is a major insurance group in Europe with its home market in Germany and representation in around 30 countries worldwide. ERGO is also a part of Munich Re, one of the world’s leading reinsurers and risk carriers. The Belarusian operations of ERGO commenced in 2008 when Belarus-based BASO Insurance Company joined the group and implemented the ERGO brand. In the 2019 rankings, the former Belarusian subsidiary of ERGO was placed 10th among Belarusian insurance companies by total amount of insurance premiums.
Our team of lawyers from all four Sorainen offices assisted ERGO with preparation of transaction documents, discharge of closing conditions, including waiver of pre-emptive rights and obtaining of antimonopoly and regulatory approvals, as well as with conduct of the closing procedure and transfer of shares. We also advised on contractual, corporate, IP, regulatory, tax and other transaction-related issues. The project team was headed by partner Maksim Salahub and managed by senior associate Viktoryia Mikhnevich with associate Aliaksei Vashkevich, and included Tomas Kontautas, Ann Laevskaya, Maria Rodich, Oliver Ämarik, Alesia Khadasevich, Tatsiana Zubarava, Alexey Fidek, as well as other Sorainen lawyers.
