Biggest insurance broker IIZI will start to offer insurance products of leading insurer ERGO

June 29, 2011

From 01.07.2011 IIZI kindlustusmaaklerid AS will start offering again Insurance products by one of the world’s leading insurers ERGO.
“There is a great future for both companies to cooperate” said CEO of the Management Board of ERGO Baltics Mr. Kęstutis Bagdonavičius. “Our clients can only win from this decision. ERGO´s main goal is to be a quality leader and we offer the most comprehensive selection of life, health, pension and non- life insurance products.”

“This is an important development,” according to IIZI Group CEO Steve Grossman. “IIZI will be able to offer ERGO´s wide range of products to our clients in Estonia, as we have been doing in Latvia and Lithuania over the past several years.”

“We expect to not only restore our business in Estonia with IIZI broker business,” commented Bagdonavičius, “but to explore new innovative offerings together with IIZI’s business process outsourcing arm”. In first phase we will start our cooperation via brokers channel and after couple of months we will provide our services more widely, including the e-channel”

ERGO and IIZI have agreed to settle their legal differences by mutually dropping their court claims, which have kept the two companies from cooperating in Estonia for the past three years, and to sign new commercial contracts that will restore fully relations between the two Baltic insurance industry leaders.

Over the last ten years, IIZI has grown to become the largest insurance intermediary in the Baltic states, with nearly 30 million euro in written premiums sold in 2010 in Estonia. And at 2nd ranking in the Estonia, ERGO generated revenues in Estonia in 2010 of 43 million euro.

ERGO is one of Germany and Europe’s leading insurance companies, serving more than 40 million clients in 30 countries in Europa and Asia. ERGO Kindlustus in Estonia is the second largest company in non-life insurance and has over 110,000 clients, manages more than 180,000 contracts. It has been operating in Estonia since 1990.

Serving more than 300 000 clients, IIZI group employs a total of 185 professionals. IIZI is biggest insurance broker in Baltic States and has operations also Finland. It has been operating in Estonia since 2001.

Annika Loigu
Head of Public Relations
Phone +372 50 17654