EU – Baltic States, Financial Services, Insurance

After the merger is completed, Gjensidige Group in the Baltics will be operating as Gjensidige insurance company with branches in Latvia and Estonia.

The company will have its Baltic head office in Vilnius, Gjensidige said in a statement to the media.

At present, Gjensidige Baltic is based in Latvia and operates branches in Estonia and Lithuania.

Gjensidige Baltic reported a loss of EUR 7.93 million for 2015 and EUR 59.23 million in insurance premiums.

Marius Jundulas will be in charge of the insurance company's Baltic operations. "Our goal is to become the leader of this market by operating flexibly, quickly and efficiently," Jundulas said.

Norwegian insurance company Gjensidige Forsikring is the sole owner of Gjensidige Baltic, which was established in Latvia in 1994 as Parekss Apdrosinasanas Kompanija (Parex Insurance Company) but was renamed by the new owner in 2008.