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ERGO incorporated its life insurance companies in the Baltic States into one company

January 11, 2011

From the beginning of January ERGO’s life insurance companies in the Baltic States are operating as one Societas Europaean company - ERGO Life Insurance. The company is registered in Lithuania (Vilnius) and has branches in Estonia and Latvia.
ERGO Life Insurance SE incorporates the following life insurance companies of ERGO: ERGO Elukindlustuse AS (Estonia), ERGO Lietuva gyvybės draudimas AB (Lithuania) and ERGO Latvija dziviba AAS (Latvia). ERGO’s Baltic non-life insurance companies and its pension funds management company ERGO Fund will continue their activities in the same way as before.

Dr. Kęstutis Bagdonavičius, CEO of the Management Board of ERGO Baltics said that the life-insurance companies were merged in order to provide better life insurance services, make the business processes more effective and improve the use of group-wide resources and expertise.

“By bringing together the skills and knowledge in these three countries, we seek to strengthen ERGO’s competitive power in the area of life and health insurance in the Baltics, as this would enable us to offer better and more professional services. We want to be a excellent and reliable partner for our clients now and in the future,” Dr. Kęstutis Bagdonavičius stressed.

From January, the present ERGO Elukindlustuse AS in Estonia will operate under the new name of ERGO Life Insurance SE Eesti filiaal. The branch office’s bank accounts and contact data will remain the same, but its commercial registry code will change.

All effective life insurance and health insurance contracts as well as pension disbursement contracts will remain valid in their present form and the change of company name does not require any extra actions from the clients. The merger of life insurance companies will not affect the rights and obligations of the clients of ERGO Elukindlustuse AS.

The merged company will be run by the Management Board, which consists of Kestutis Bagdonavičius, Deniss Sazonovs, Saulius Jokubaitis and Sergei Vahnitski.

In legal and tax matters the cross-border merger of ERGO's life insurance companies in the Baltics was advised by Tark Grunte Sutkiene AS law office.

ERGO is one of the leading non-life insurance groups in the Baltic States operating on the life, health and non-life insurance markets of Estonia, Latvia and Lithuania and on the second pillar pension fund market of Estonia and Lithuania, and also on the non-life insurance market of Belarus. Almost 450,000 clients in the Baltic States trust the services, expert knowledge and financial stability of ERGO. ERGO’s Baltic companies belong to one of the biggest insurance groups in Europe, the ERGO Insurance Group, which serves 40 million clients in more than 30 European and Asian countries. The owner of the ERGO Insurance Group is one of the world’s largest reinsurance groups Munich Re.

Anu Vahtra-Hellat
Head of Public Relations
tel +372 610 6610
anu.vahtra-hellat@ergo.ee