At the beginning of the year, there were rumors that the Norwegian insurance company Gjensidige was looking for a new owner for its business in the Baltics. Now it has become known that the Gjensidige business is being bought by the insurance company ERGO, Delovye Vedomosti reports. /nginx/o/2024/07/26/16245817t1h34d2.jpg)
Gjensidige office. The photo is illustrative. Photo: Paula ÄŒurkste
At the beginning of the year, there were rumors that the Norwegian insurance company Gjensidige was looking for a new owner for its business in the Baltics. It has now become known that the Gjensidige business is being bought by the insurance company ERGO, Delovye Vedomosti reports.
According to the agreement concluded yesterday, ERGO will acquire Gjensidige's subsidiary in Lithuania ADB Gjensidige and its branches in Estonia and Latvia for 80 million euros.
Chairman of the Board of ERGO International AG Oliver Willmes said that the acquisition of ADB Gjensidige is an important step in the implementation of ERGO's business strategy: “The transaction will allow us to further strengthen our position in all three strategically important markets and take advantage of new opportunities for sustainable and profitable development.”
Gjensidige explained that the sale of business in the Baltic countries makes strategic sense: as Gjensidige Forsikring ASA CEO Geir Holmgren said, the company will focus on Scandinavia.
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