Gjensidige buys new company in the Baltic region

In order to strengthen its position in the Baltic region, Gjensidige has entered into an agreement to buy RESO Europa, a Lithuanian insurance company.

Gjensidige Baltic, which from 1 January is the new name of Parex insurance, bought by Gjensidige in 2006, will take over all shares in RESO Europa.

RESO Europa has its headquarters in Lithuania, but also has businesses in Latvia and Poland. In Lithuania, the company has a market share of approximately five per cent and is the sixth largest insurance company in the country. The acquisition is a continuation of Gjensidige's strategy of expansion in the Nordic and Baltic regions. Gjensidige's current share of the insurance market in the Baltic region is approximately six per cent, and it has a 14 per cent share in Latvia. This acquisition is an important step in strengthening Gjensidige's position in the region, but especially in Lithuania where continued strong growth is expected.

In particular, RESO Europa is investing in home, car and third-party insurance and has been in the Lithuanian market since 1998. In 2007 the company had a premium volume of approximately EUR 17 million (approximately NOK 135 million). 

Informasjonsdirektør Øystein Thoresen. Tlf: 95233382