VIG's Baltic unit SEESAM Insurance AS - 10% GWP increase in 3Q
Austrian insurer VIG acquired the Baltic non-life insurer SEESAM Insurance AS - part of the Finnish OP Finance Group - on 18 December 2017, the operation being completed in August 2018. With the purchase of SEESAM, Vienna Insurance Group (VIG) has further expanded its leadership position in the Baltic markets and achieved a market share of 23.7%. VIG's presence in all three Baltic countries started in 2008, with the acquisition of SEESAM Life Insurance. In 2016, the Austrian group became the market leader in the Baltics after taking a majority stake in BTA Baltic.
Currently SEESAM has 10 offices in Estonia and branches in Latvia and Lithuania, employing 350 people across the Baltics.
Seesam's main classes of insurance are motor insurance (compulsory MTPL and Motor Hull), individuals' and legal persons' property insurance, health insurance, travel insurance, accident insurance and liability insurance.
In 2017, motor insurance lines accounted for 55.1% of SEESAM's insurance portfolio, while property insurance classes provided for about 26.1% of the total GWP. Last year, the company has reported GWP of EUR 64.5 million, 9.2% up on 2016, almost half of this volume being provided by the Estonian market, while Latvia contributed 25.0% and Lithuania 25.2%. SEESAM Insurance AS ended 2017 with a net profit of EUR 4.2 million and reported a combined ratio of 94.8%.