VIG subsidiaries in the Baltics, COMPENSA VIG and SEESAM Insurance, will fully merge after July 1st

11 June 2020 — Daniela GHETU
Starting July 1st, COMPENSA Vienna Insurance Group and SEESAM Insurance will complete the merger and become one insurance company. SEESAM, one of oldest insurers in the Baltics, entered the VIG family in 2008, with its life insurance unit, followed in 2018 by the acquisition of the non-life company.

In Lithuania and Latvia, the company will operate under the COMPENSA Vienna Insurance Group brand, and in Estonia under the SEESAM Insurance brand. The merger of the two insurance companies is a strategic decision of the Vienna Insurance Group and follows several similar operations in the CEE countries where the Group is active. The merhger was implemented after obtaining the necessary supervisory approvals.

Until the merger process is completed, the insurance company SEESAM Insurance will continue to operate independently and serve customers in accordance with the applicable insurance contracts and rules. After July 1st, following the merger, SEESAM Insurance's customers will continue to be served by ADB COMPENSA Vienna Insurance Group in accordance with the applicable insurance contracts and rules.

COMPENSA Vienna Insurance Group is a joint-stock insurance company registered in Lithuania. The company started operations in the Baltic States in January.2016. Before entering the VIG family, it was the Lithuanian branch of the Polish non-life insurance company Compensa TU SA Vienna Insurance Group, operating in Lithuania since 2010. As the company grew and expanded its operations in the Baltic region, structural changes were made, and the Lithuanian branch of COMPENSA TU SA Vienna Insurance Group transferred its business as a set of assets, rights and liabilities to a new joint-stock insurance company - COMPENSA Vienna Insurance Group. In 2020, COMPENSA Life held a 17.5% market share on the Lithuanian life insurance market, while the non-life insurance companies owned by VIG - COMPENSA VIG, SEESAM Lietuvos filialas and part of the COMPENSA Life business -, accounted together for about 12% of the non-life market.

Founded in 1991 and headquartered in the Estonian capital Tallinn, SEESAM also has 23 branch offices in Latvia and Lithuania. The company has over 180,000 customers and sells its non-life products across all sales channels.

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