Vienna Insurance Group consolidates its market leadership in the Baltic States
Acquisition of Seesam Insurance AS successfully completed
The agreement on the full acquisition of non-life insurer Seesam Insurance AS was signed on 18 December 2017. Following the approval from local authorities, the acquisition was completed on 31 August 2018.
With the purchase of Seesam, Vienna Insurance Group (VIG) has further expanded its leadership position in the Baltic markets and achieved a market share of 23.7 percent. “The acquisition of Seesam is a conscious investment in the expansion of our market leadership in the Baltics. It has not only allowed us to cement our position as number one in the insurance market overall in Estonia, Latvia and Lithuania. According to the latest statistics, with a market share of 25.8 percent we are now also number one in the non-life sector,” explained Franz Fuchs, Member of the Managing Board at VIG and responsible for the Baltic States.
VIG has also reported significant premium growth in the Baltic region. Total premium income at VIG companies BTA Baltic and Compensa reached approximately EUR 193 million in the first half of 2018, reflecting an impressive year-on-year premium growth of 18.8 percent.
Founded in 1991 and headquartered in the Estonian capital Tallinn, Seesam also has 23 branch offices in Latvia and Lithuania. The company has over 180,000 customers and sells its non-life products across all sales channels. Total premiums in the first half of 2018 amounted to EUR 35.5 million. Seesam has 342 employees.