We advised the Norwegian non-life insurance company Gjensidige Forsikring on signing a sale agreement for its business in the Baltics with Ergo International, the company managing Ergo’s international business portfolio. Deal value – EUR 80 million.
The transaction will be completed upon receiving approvals from authorities, including Lithuania, Latvia, and Estonia competition councils. Gjensidige will be integrated into Ergo in the Baltic States, and the operational processes of both companies will be merged.
“The divestment of Gjensidige Baltics is a result of our strategic review. In the future, our strategic direction will be focused on the Nordic countries, which align with our core competencies and capabilities. We are pleased that Ergo, one of the leading insurance market players in the Baltic States, will continue to work and develop insurance services with our professional team in the Baltic markets, which offer excellent growth conditions,” – says Gjensidige CEO Geir Holmgren.
Gjensidige‘s main activities are vehicle, property, and accident and health insurance services. In terms of non-life insurance volume in the Baltic States, the company ranked sixth, sharing 7% of the market in 2023.
ERGO is one of the leading insurance groups in the Baltic States, offering a wide range of non-life, life, and health insurance solutions. It stands third in the Baltic States for non-life insurance services, holding 14% of the market.
Upon completion of the transaction, the Gjensidige brand will remain for a one-year transitional period, after which it will be integrated into Ergo.
Our team and services
We advised the client on all transaction-related matters, including vendor due diligence, the auction process and planning, negotiation, transaction documents, and general advice.
Our regional team, led by partners Sergej Butov and Tomas Kontautas, as well as counsels Jonas Kiauleikis and Indrė Pelėdaitė, included:
In Lithuania: partners Daivis Švirinas and Mantas Petkevičius, senior associates Aliaksei Vashkevich, Aurelija Daubaraitė, Jurgita Tekorienė, Sidas Sokolovas and Linas Petronaitis, as well as associates Auridas Litvinas, Barbora Bernatonytė, Aušra Kunčiuvienė, Izabelė Petrikaitė, Danas Šniutė, Raminta Matulytė and Simonas Šlitas.
In Latvia: counsel Andis Burkevics, Renāte Purvinska and Santa Rubīna, senior associate Agneta Rumpa, associate Annija Straupe and assistant lawyer Kristers Pētersons.
In Estonia: partner Kätlin Krisak, counsels Lauri Liivat, Piret Lappert and Pirkko-Liis Harkmaa, senior associates Liisa Maria Kuuskmaa and Oliver Ämarik, associate Kevin Piho and assistant lawyer Karl Oskar Pungas.
