ERGO Group, the main insurance arm of global reinsurer Munich Re, has completed the previously announced acquisition of ADB Gjensidige, the former Lithuanian subsidiary of Norwegian non-life insurance company Gjensidige Forsikring ASA, including its branches in Estonia and Latvia.
The announcement was made by ERGO International AG, the division that manages the group’s international business portfolio. All conditions required to complete the transaction have been met as planned, including required regulatory approvals in Lithuania, Latvia and Estonia.
With this transaction, Ergo has expanded its footprint in the region and strengthened its local market position. The acquisition also strengthens ADB Gjensidige’s position as the sixth-largest local non-life insurance company and propels ADB Gjensidige to become the third-largest regional insurance company by premium volume.
During the transition phase, ADB Gjensidige will be merged into ERGO through a merger of both parties. This will enable Angu to expand its sales network and become the second largest sales network in the region.
Ergo will establish itself as the leading insurance company in the Baltics by operating under a single brand across all three countries and lines of business, the company explained.
The merger process between the two companies in the Baltic Sea region will begin immediately and proceed gradually until the end of this year. During this period, the two companies will continue to operate as independent entities, with ADB Gjensidige retaining its brand before being merged into ERGO.
Theo Kokkalas, Chairman of the Management Board of ERGO International AG and Chief Operating Officer of ERGO International, commented: “The successful completion of this acquisition marks an important step in our ambition to further develop a diversified, robust business and continue to position ourselves as a leading insurance company in all markets.
“With this strategic move, we will strengthen our position in the region in the long term, allowing us to seize attractive growth opportunities in a dynamic business environment.”
Ursula Clara Deschka, CEO of ERGO Baltic States and Chairman of the Management Board, added: “As we bring together the teams, skills and expertise of ERGO and ADB Gjensidige, we are well positioned to fully leverage our assets as a truly leading multi-line insurance company in the Baltic Sea region.
“This new setup will bring us even closer together with our customers and partners in Lithuania, Latvia and Estonia, as we strive to provide tailor-made comprehensive solutions and significant added value to our products and services.”
ADB Gjensidige is a major non-life insurance company in the Baltics, focusing primarily on motor insurance, property insurance and accident and health insurance to commercial and private customers. In 2024, the company’s insurance revenue was 158.9 million euros.
