We advised Vienna Insurance Group (VIG) – one of the biggest international insurers in Central and Eastern Europe – on consolidating the business of its group non-life insurance companies Compensa and Seesam in Lithuania, Latvia and Estonia. This is potentially the biggest cross-border merger in the Baltics in 2020.
Optimising group structure
As a result of this transaction VIG consolidated the businesses of Lithuanian non-life insurer Compensa (with branches in Latvia and Estonia), Estonian non-life insurer Seesam (with branches in Lithuania and Latvia) and Compensa subsidiaries in Lithuania and Latvia (both insurance intermediaries). The aim of the merger is to optimise and simplify group structure.
All rights and obligations of Seesam Insurance have been taken over by Compensa Vienna Insurance Group who will execute all contracts concluded between Seesam Insurance and its customers without changes.
Our services and project team
We consulted VIG on Lithuanian, Latvian and Estonian law matters throughout this complex transaction – from advice on potential structure to planning and implementation of the merger. Additionally, the transaction involved obtaining approvals from financial regulators in Estonia, Latvia and Lithuania as well as dealings with tax authorities. Our cross-border project team also coordinated the overall project.
The Sorainen pan-Baltic team was led by partner Mantas Petkevičius, senior associates Agnė Sovaitė and Inga Macijauskaitė, and also included specialists from our Finance & Insurance, M&A, Intellectual Property, Employment and Tax practices:
- in Lithuania: partners Tomas Kontautas and Saulė Dagilytė, senior associates Rasa Mikutienė and Irma Kirklytė with associate Aurelija Daubaraitė.
- in Latvia: partners Eva Berlaus and Rūdolfs Eņģelis, senior associates Zane Paeglīte, Santa Rubīna and Aija Lasmane.
- in Estonia: partners Karin Madisson and Reimo Hammerberg, counsel Isabella Barbara Aavik, senior associates Monika Tomberg and Tanel Molok along with associate Nele Suurmets.
