Sorainen has advised the Vienna Insurance Group on consolidating the businesses of its group non-life insurance companies Compensa and Seesam in Lithuania, Latvia, and Estonia.
As a result of the transaction, VIG consolidated the businesses of Lithuania's Compensa with branches in Latvia and Estonia, Estonia's Seesam with branches in Lithuania and Latvia, and Compensa's subsidiaries in Lithuania and Latvia - both insurance intermediaries.
“The aim of the merger is to optimize and simplify group structure,” Sorainen reports, adding that “all rights and obligations of Seesam Insurance have been taken over by Compensa Vienna Insurance Group, which will execute all contracts concluded between Seesam Insurance and its customers without changes.”
Sorainen’s team was led by Vilnius-based Partner Mantas Petkevicius and Senior Associates Agne Sovaite and Inga Macijauskaite. The firm's team included, in Lithuania, Partners Tomas Kontautas and Saule Dagilyte, Senior Associates Rasa Mikutiene and Irma Kirklyte, and Associate Aurelija Daubaraite; in Latvia, Partners Eva Berlaus and Rudolfs Engelis and Senior Associates Zane Paeglite, Santa Rubina, and Aija Lasmane; and in Estonia, Partners Karin Madisson and Reimo Hammerberg, Counsel Isabella Barbara Aavik, Senior Associates Monika Tomberg and Tanel Molok, and Associate Nele Suurmets.