The second European Company Established by ERGO
January 15, 2013
At the beginning of this year ERGO Insurance Group merged its three non-life insurance companies in the Baltic States into a European Company ERGO Insurance SE. This is the second time when ERGO in the Baltic States has established the European company. Starting from 2011 ERGO successfully operates in the life insurance business with the legal form of the European Company named ERGO Life Insurance SE. Thus ERGO in the Baltic States operates today with two European companies – ERGO Insurance SE and ERGO Life Insurance SE.
„The merger of ERGO insurance companies in the Baltic States is a part of the consistent implementation of the ERGO Group strategy in the Baltic Region. The prior objective of the merger is achievement of management-, process- and knowledge related synergies. ERGO creates itself a favourable platform to grow sustainably in high competitive markets and thus offer the best possible insurance solutions to customers and be a respectable employer to employees. ERGO has already implemented a unified management steering approach in the Baltic States and merger of legal entities is a consequent step in bringing the Estonian, Latvian and Lithuanian organizations even closer. Moreover, the merger gives clear advantages in scope of approaching the Solvency 2 regime and capital optimization“, says Dr. Bagdonavičius, Chairman of the Management Board of the ERGO Insurance Group in the Baltic States.
According to Dr. Bagdonavičius, “We are particularly pleased with the results of the European company set up by merging the ERGO Baltic life insurance companies two years ago – a rise in profit in the life segment shows visible synergy benefits for the company, and this also brings innovative insurance solutions which meet the needs and expectations of our customers”.
The merger of non-life insurance companies in the Baltic States will not cause any changes for customers in the existing agreements.
“Moreover, we will continue providing non-life insurance service as a uniform and strong company capable of mobilising the experience from all three Baltic States for the benefit of our customers and partners. This merger will not only reinforce ERGO’s position in the Baltic Region, but will also improve its competitive advantage” says Dr. Bagdonavičius.
The head office of ERGO Insurance SE has been registered in Estonia. The non-life insurance companies in Latvia and Lithuania continue business as branches of the European company.
ERGO Insurance Group in the Baltic States
ERGO has been among leading insurance groups in the Baltic States and the only one to offer a complete range of coverage including non-life insurance along with life, pension and health insurance. ERGO Insurance Group is also present in Belarus offering services in the non-life sector. Over 550,000 customers in the Baltic States trust the services, know-how and financial stability of ERGO Group.
ERGO companies operating in the Baltic countries are part of the international ERGO Group – one of the largest insurance corporations in Europe. Worldwide, the Group is represented in over 30 countries and concentrates on Europe and Asia.
ERGO is part of Munich Re, one of the leading reinsurers and risk carriers worldwide.
