After the transaction the executive management and current shareholders who have been actively involved in day-to-day operations of IIZI will continue as shareholders and managers of the company. The parties have agreed not to disclose the price of the transaction.
According to Georg Winter, Member of the Board of GrECo JLT Group, IIZI has stood out internationally with their innovative solutions being the indisputable market leader in its region for private customers, small and medium-sized companies and as a partnership solutions provider. “We are ready to contribute considerably to strengthening our position in the Baltics and gain from IIZI’s extensive know-how and retail customer service experience ourselves,” Winter said.
“On the other hand, the customers of IIZI will in turn win from the extensive international experience of GrECo JLT,” Winter said, adding that the main focus of GrECo JLT has been on providing corporate insurance brokerage services and consultations and the shareholding of JLT in the company enables access to a huge network of subsidiaries and partners all around the world.
Igor Fedotov, the Chairman of the Management Board of IIZI Group, said that the customers’ needs and the whole insurance market are changing with insurance business becoming more and more international. “Many of our corporate customers and partners need a service with a consistently high quality in all three Baltic countries. In addition, larger part of local insurance offering in the Baltic countries has moved to the hands of large international insurers and in order to represent the interests of our customers with them, especially abroad, we will need a partner with an international scale,” Fedotov explained.
“With that in mind we have been looking for the best way to exploit these market changes and a strategic investor whom to do it with. I believe that GrECo JLT is the most suitable partner for that and the strengths of the both of us will definitely provide our customers excellent new opportunities,” Fedotov said.
While IIZI is represented in Estonia, Latvia and Finland with more than 150 employees, GrECo JLT as a family-owned company established in Austria in 1925 is employing close to 800 people and operating in 16 countries with 52 subsidiaries, including in Estonia since 2014 and in Lithuania through acquiring RHEA in 2008.