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International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 08:03

Gjensidige acquires insurance co PZU Lietuva

Karolis Broga, BC, Vilnius, 02.10.2015.Print version
Gjensidige Forsikring ASA and PZU SA have concluded a transaction agreement based on which Gjensidige has acquired 99.88 % of shares of PZU Lietuva, informs LETA.

The acquisition marks the consistent strategy of Gjensidige to develop activities in the Nordic and Baltic region. After the acquisition Gjensidige has become one of the largest non-life insurance companies in the Baltics.


As a result, the company's market share in the Baltics has increased from around 7 to 12 %, and in Lithuania - from 7 to 19 %.


Based on the agreement, PZU Lietuva trade mark will be replaced within six months after the conclusion of the transaction.


Now the integration process of two companies, Gjensidige Baltic and PZU Lietuva, will begin. In the following months first major tasks will be undertaken - the change of the trade mark and coordination of IT systems. Later, striving for synergy, investment will be directed to develop activities and share experience.


PZU Lietuva is the third largest insurance company in Lithuania, taking 13.8 % of the insurance market share in the country. In 2014 the company signed insurance contributions totalling at EUR 50 mln.. The company employs 560 people.


The remaining 0.12 % of shares which were not acquired by Gjensidige is owned by a local investor. This will not be an obstacle to integrate PZU Lietuva in Gjensidige Baltic activities.






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