The most important events in Seesam’s history.
The memorandum of association for Seesam Rahvusvaheline Kindlustuse Aktsiaselts was concluded in May 1991. Forty-five per cent of the shares were owned by Estonian companies and banks, 35 per cent were owned by the largest insurance undertaking in Finland, Pohjola Yhtiö, and 20 per cent were owned by the U.S. financial undertaking American International Group.
On 27 October, the foundation meeting for assurance undertaking Seesam Elu took place. The undertaking’s capital stock was owned in its entirety by Seesam Rahvusvaheline Kindlustuse Aktsiaselts.
1995 was a year of expansion. The collective nearly doubled in size, with the company having 22 employees by the end of the year.
2000 was a breakthrough year for growth, as Seesam rose to claim its place among the market leaders. Seesam’s general market share was 12 per cent as at the end of the year, increasing by more than five percentage points over the year. Activity began on the motor third party liability insurance market.
In April 2004, the Pohjola Group acquired American International Group’s holding in Seesam, thus becoming the sole shareholder of Seesam Rahvusvaheline Kindlustuse Aktsiaselts.
Following the merger of founding member and long-time owner of Seesam Pohjola Group Ltd with OKO Pank, on 31 December 2006, Seesam Rahvusvaheline Kindlustuse Aktsiaselts became a subsidiary of OKO Pank.
On 1 January 2010, Seesam adopted a new orange logo. This was part of the process of harmonising the visual identity of Seesam with the parent undertaking, Finland’s largest financial undertaking, the OP-Pohjola Group.
On 9 May, Seesam marked its twentieth year of operation in Estonia. In May, Seesam purchased 100 per cent of the shares of Seesam Lietuva UADB and Seesam Latvia AAS from its parent undertaking. The merger process was completed at the end of last year and now the company registered in Estonia offers insurance service via its branches in Latvia and Lithuania.
As of 31 May 2011, Seesam changed its business name. Seesam Rahvusvaheline Kindlustuse Aktsiaselts now uses the business name of Seesam Insurance AS.
On 9 May 2016, Seesam celebrated its twenty-fifth year of operation. The reason behind the stable and successful operation of one of the oldest operating insurance undertakings in Estonia has been its results based management, which values employees and traditions and creates a positive atmosphere for clients as well as its collective.
Estonian, Latvian and Lithuanian authorities granted the Austrian Vienna Insurance Group a final permission for purchasing 100 percent of the shares of the non-life insurance company Seesam Insurance AS from the Finnish OP Financial Group, the former owner of the company. The transaction was signed on 18 December 2017 and completed on 31 August 2018. The change of the owner also brought along a change in the logo and visual identity of Seesam as a whole.
On 10 October 2019, an agreement was signed for the merger of Seesam Insurance AS and ADB Compensa Vienna Insurance Group. The reason behind the merger resolution is the desire of Vienna Insurance Group, the owner of both Seesam and Compensa, to optimise its operations in the Baltics. The merger was finalised in summer 2020. As a result of the merger, Seesam Insurance AS as a legal entity ceased to exist and the entities of Seesam in Estonia, Latvia and Lithuania were merged with the entities of ADB Compensa Vienna Insurance Group in those countries. In Estonia, the well-known trademark of Seesam will remain in use.