Austrian-based insurance broker GrECo has already been present in Lithuania with one office in Vilnius since 2008. Sagauta, who has five locations across the country, will merge with the existing GrECo operation and conduct its business under the name of GrECo Sagauta in the future. The founders and current owners will stay on board and retain the remaining shares.
Georg Winter, Member of the Board at GrECo Group and responsible for the Baltics, summarizes: “The acquisition of Sagauta further strengthens our position on the Baltic market. Following the acquisition of IIZI in Estonia and Latvia last year we will become the leading risk and insurance management consultant in the Baltic States.”
GrECo’s strategy is to become the leading specialist insurance broker in Central & Eastern Europe and Central Asia providing dedicated expert knowledge for a variety of industries including Construction, Energy, Financial Institutions or Transportation & Logistics. Furthermore, GrECo offers tailor-made insurance solutions for Property & Casualty, Financial Lines, Transport, Credit & Political Risks as well as Employee Benefits and Motor.
Igor Fedotov, Chairman of the Board at IIZI Kindlustusmaakler AS and GrECo Baltic Holding AS: “This transaction gives us the opportunity to carry out in all of the Baltic States a strategy which has already proved successful in Estonia and partly in Latvia to provide insurance solutions and services to not only corporate customers and partners but online to retail customers as well.”
The GrECo Group offers its clients individual solutions in risk and insurance management and is the leading insurance broker & consultant for corporations, associations and authorities in CESEE. Last year they acquired the Estonian market leader IIZI Group and are present in all three Baltic states which makes them the leading insurance solutions provider in the region.
The GrECo Group is an independent, family-owned company; the family Neubrand holds 86.67% of the shares. The firm is headquartered in Vienna and employs 960 people in 53 offices in 16 countries. They are globally represented in over 200 countries via the specialist insurance broking network GrECo nova.
UADBB Sagauta, founded in 1996, is a leading specialist insurance broker in Lithuania, focusing on dedicated areas like transportation, construction and employee benefits. The company offers all insurance services for business and private individuals. It employs more than 60 people and is headquartered in Vilnius. It operates countrywide and has 5 branch offices in major cities. The revenues of the company have reached EUR 3.1 million in 2018.
IIZI Kindlustusmaakler AS is Estonia’s largest insurance intermediary (market share 31%) established in the year 2000. High quality insurance mediation services are provided in an online self-service environment www.iizi.ee as well as through personal solutions. Over 150,000 private and nearly 25,000 corporate customers are serviced annually. IIZI Kindlustusmaakler AS is a GrECo Group company.