2018
Vienna Insurance Group AG Wiener Versicherung Gruppe will buy 100% shares of non-life insurance company Seesam Insurance AS (including its Latvian and Lithuanian branches) from Finnish OP Financial Group. The share sale purchase agreement was signed on 18 December 2017 and the transaction is currently subject to the approvals of local regulatory authorities.
Vienna Insurance Group is one of the largest listed international insurance groups in Central and Eastern Europe . The group, headquartered in Vienna, operates around 50 insurance companies in 25 countries, has around 25,000 employees and its shares are listed on Vienna Stock Exchange and Prague Stock Exchange.
Seesam was founded in 1991 in Estonia and currently is operating via its branches and offices also in Latvia and Lithuania. Seesam is one of a leading insurance company in the Baltics, having more than 200,000 customers, over 350 employees and is reporting gross written premiums exceeding EUR 60 million annually.
Seesam’s parent undertaking, OP Financial Group, is Finland’s largest financial services group. OP offers diverse banking, asset management and insurance services to companies and private persons. The Group includes 180 member banks, over 4 million clients and nearly 12,000 employees.
TARK team advised Vienna Insurance Group on the purchase of Seesam, whereby the project was led by partners Hannes Küün and Tanel Tark. In addition, the Estonian team also included partners Allar Aru, Marit Savi and Tanel Küün.
In Latvia the client was advised by Skrastiņš & Dzenis, led by partners Aivis Dzenis and Verners Skrastins and included Evija Ābele and Dace Kintere.
In Lithuania the client was advised by Motieka & Audzevicius led by partner Giedrius Kolesnikovas and included Michail Parchimovic, Sigita Adomaityte, Rokas Jankus, and Martynas Bendikas.
In Finland the client was advised by Krogerus Attorneys, led by partner Sami Laine.
