PZU and VIG, in race for the Lithuanian insurance market's leader

10 April 2014 —
pzu_vigThe largest insurer of the Central and Eastern Europe, the Polish company PZU, and the Austrian group VIENNA Insurance Group are the main competitors in the race for acquisition of DRAUDIMAS Lietuva, the top insurer in Lithuania, in a deal estimated at around EUR 100 million, informs REUTERS, quoting local press.

Thus, according to local newspaper VERSLO Zini, negotiations between the British insurer RSA, owner of DRAUDIMAS Lietuva and the two bidders came to a standstill at the moment. The quoted source says that the Polish insurer PZU has been made a better offer.

According to the daily, RSA is investigating various options to spin off DRAUDIMAS Lietuva, including selling it to an investment fund with an option to buy the company at back a later date.

LIETUVOS DRAUDIMAS holds more than one third of the general insurance market in Lithuania and also is the largest insurance company in the Baltic States.

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