Estonia, Financial Services, Insurance
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Saturday, 27.04.2024, 00:45
Estonia: Insurance businesses of Seesam, Compensa to merge
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The Estonian Financial Supervision Authority (FSA) in mid-May gave permission for a merger of the companies Seesam Insurance AS registered in Estonia and Compensa Vienna Insurance Group ADB registered in Lithuania.
In addition, the FSA cleared Seesam to hand over its insurance portfolio to Compensa. Following the merger, Seesam will cease to exist as a separate legal entity.
Upon the completion of the merger, Compensa will continue its business in Estonia via the Estonian branch of Compensa and in Latvia via the Latvian branch of Compensa. In Estonia, Compensa will be doing business under the Seesam brand.
Seesam's Estonian business, which consists of agreements, assets, the insurance portfolio, employees, and other rights and obligations will be transferred from Seesam to the Estonian branch of Compensa.
The consolidation is planned to be completed by July 1 of this year.
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