Compensa Vienna Insurance Group and Seesam Insurance AS merged in the Baltic States[01.07]
Insurance companies Compensa Vienna Insurance Group, ADB and Seesam Insurance AS merged with the permission of respective authorities and as of 1 July they are operating under the name Compensa Vienna Insurance Group. The headquarters of the company is located in Lithuania, with branches in Latvia and Estonia. The Estonian Branch continues to operate under the name Seesam.
With the merger, Compensa Vienna Insurance Group took over the assets, rights and obligations of Seesam. The companies of the insurance agencies Compensa Services LT and Compensa Services LV were also merged with Compensa Vienna Insurance Group.
The Chairman of the Management Board of the recently merged company is the CEO of Compensa Vienna Insurance Group Deividas Raipa. Other management board members are Financial Manager Nicolas Mucherl and head of the Estonian branch Andri Püvi. The Latvian branch is managed by Aigars Freimanis.
Shareholder of the merged companies Vienna Insurance Group sees long-term growth potential on the Baltic market and has therefore made big investments in this area in recent years. Currently, VIG is the market leader in the Baltic states with 25% market share. The group has thorough knowledge of digitalisation of insurance services and provision of services in an electronic environment. According to the representatives of Vienna Insurance Group, the merger of Compensa Vienna Insurance Group and Seesam helps strengthen the company’s position in the area even more, by optimising growth, increasing competitiveness and applying the experiences gained in the insurance sector.
“With their long-standing experience in the Baltic States, Compensa Vienna Insurance Group and Seesam have earned the trust of both business and private customers,” said Deividas Raipa, Chairman of the Management Board of Compensa Vienna Insurance Group. “With the merger of the companies, we have become twice as big and strong – our market share in the area has increased to 12.2 per cent. The experience and knowledge of the two companies enable us to offer our clients even more necessary insurance solutions. We turn special attention to the protection of residents’ assets and the needs of SMEs. We hope that by constantly improving the selection of insurance products and the consumer experience, we will continue successful growth and increase our market share.”
Raipa noted that the merger of the two companies extends the selection of insurance products offered to private as well as business clients. Private clients will be offered diverse personal and asset protection, whilst business clients will be offered extensive cover for the company as well as its employees.
With the merger, Compensa Vienna Insurance Group took over all rights and obligations, client agreements, insurance portfolios, employees and assets of Seesam Insurance AS. Valid contracts will remain effective under the terms and conditions stipulated therein and the policies of Seesam.
Last year, the business activity of Compensa Vienna Insurance Group increased by 15.3 percent in the area, insurance premiums reached 84.7 million euros and clients were paid indemnification for damages in the amount of 41.4 million euros, which is almost 35% more than the year before.
At the same time, Seesam’s insurance premiums increased by 20.3 per cent in the Baltic States, amounting to 86.6 million euros. Clients were indemnified for damages 18.7 per cent more than last year, i.e. 43.9 million euros.
After the merger, there are 390 employees in Lithuania, 270 in Latvia and 183 in Estonia.
About Compensa Vienna Insurance Group
Compensa Vienna Insurance Group is a public limited company registered in Lithuania which started its operations in the Baltic States in 1 January 2016. Before 2016, the company was the Lithuanian branch of Polish insurance company Compensa TU S.A Vienna Insurance Group as of 2010.
About Vienna Insurance Group
Vienna Insurance Group (Wiener Versicherung Gruppe) is a leading insurance group in Austria and Central and Eastern Europe. Approximately 50 insurance companies from 30 countries form a group with long traditions, strong trademarks and close customer relations. More than 25,000 employees of Vienna Insurance Group (Wiener Versicherung Gruppe) take care of the daily needs of over 22 million clients. The shares of Vienna Insurance Group have been listed on the Vienna Stock Exchange since 1994 and internationally recognised rating agency Standard & Poor’s has given it a credit rating of A+ with a stable outlook. It is the best rating of all companies of the leading index ATX on the Vienna Stock Exchange. Vienna Insurance Group (Wiener Versicherung Gruppe) cooperates closely with Erste Group, the largest retail bank in Central and Eastern Europe.
After the merger, the data controller is Compensa Vienna Insurance Group, which processes the personal data that was processed by Seesam Insurance, Compensa Services LT and Compensa Services LV before the merger. The company ensures that personal data is processed responsibly and securely, pursuant to all legal requirements. Additional data on the processing of personal data is available at the website of Compensa Vienna Insurance Group www.compensa.lt and in Estonia www.seesam.ee.