The joint stock insurance company ERGO Lietuva, as well as its companies operating in Latvia and Estonia, have joined the new European company ERGO Insurance SE; therefore, the Board of the Bank of Lithuania terminated the insurance activities license of ADB ERGO Lietuva, the Bank of Lithuania said in a statement, writes LETA/ELTA.

The new company ERGO Insurance SE will operate with a license issued by Estonia's supervisory institution.

Termination of the license of ADB ERGO Lietuva is a standard procedure, which is applied when several companies join into one. ERGO will continue its operations in Lithuania as it did before, only now it will have a different legal status.

ADB ERGO Lietuva has confirmed that during the reorganization it did not receive from creditors any demands, objections, declarations or requests related to the reorganization.

All the assets, rights and liabilities of this company were transferred to ERGO Insurance SE, which began operation at the start of this year and has a branch in Lithuania.

The insurance activities license for ADB ERGO Lietuva was issued by the Republic of Lithuania's Insurance Supervisory Commission in March 15, 2005, resolution.

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LITHUANIA: ERGO establishes ERGO Insurance SE