EU – Baltic States, Financial Services, Insurance, Legislation

International Internet Magazine. Baltic States news & analytics Thursday, 25.04.2024, 18:28

PZU finalized its contract with Lietuvos Draudimas and Codan Forsikring

BC, Riga, 03.11.2014.Print version
On 31 October 2014, subsequent to obtaining the required consents and approvals from market regulators, PZU SA has finalized its contract with the RSA Group to purchase the Lithuanian company doing business as Lietuvos Draudimas and the Estonian branch of Denmark’s Codan Forsikring A/S, reported BC international communication officer at PZU Group Agnieszka Zebrowska.

Acquiring these companies was the last part of this year’s transaction involving the purchase of the UK-based RSA Group’s assets in Poland and the Baltic States.

 

„I am very pleased that we completed this transaction in less than 200 days from the date of announcing the acquisition. This would not have been possible without our excellent project team and superb cooperation with regulators in five countries. This acquisition makes us the insurance industry leader in our region and means that we have delivered on an important obligation under the PZU 2.0 strategy, which is still in force,” says Andrzej Klesyk, CEO of PZU.

 

Under this contract for EUR 360 million, PZU SA acquired Poland’s direct insurance market leader, namely Link4 Towarzystwo Ubezpieczeń S.A. as well as the leaders on the following markets: Lithuania’s Lietuvos Draudimas AB and Latvia’s AAS Balta. This acquisition also entailed the purchase of the Baltic branch of Denmark’s Codan Forsikring A/S.

 





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