In October 2014, PZU obtained the necessary approvals from the market regulator to complete the acquisition of the other two UK-based RSA Group subsidiaries in the Baltic States: LIETUVOS draudimas (Lithuania) and the Estonian branch - CODAN Forsikring. The value of this deal is EUR 360 million and it also includes the acquisition of RSA Group's assets in the Polish market (Link4 Towarzystwo Ubezpieczen) and the Latvia's market leader - AAS BALTA.
According to the State-owned Polish insurer, the sale of PZU Lietuva follows from last year's acquisitions of RSA Group's assets in the Baltic states: "Applying for the authorization for the purchase of LIETUVOS Draudimas AB, we undertook to sell some of our assets in the Lithuanian market", said Andrzej KLESYK, PZU's President.
"The sale of PZU Lithuania is not a simple transaction due to the fact that PZU was obligated to carry it out by the Lithuanian Antitrust Authority. Therefore I'm particularly happy that we have managed to close it so quickly - within 3 months", added Przemys