Lawin has announced that it was one of four firms advising the RSA Insurance Group on the sale of its companies in the Baltics and Poland to the Polish Powszechny Zaklad Ubezpieczen (PZU) insurance company.
Sorainen advised PZU. The RSA Insurance Group sold Lietuvos Draudimas in Lithuania, Balta in Latvia, Codan Forsikring in Estonia, and Link4 Society Ubezpieczen Spolka Akcyjna in Poland. The transaction is scheduled for completion in the second half of 2014. The total value of the transaction with respect to the Baltic assets was EUR 270 million, with an additional EUR 90 million for the Polish company.
According to RSA Insurance, the sale is intended to allow the company to concentrate of its businesses in Britain and Ireland, Scandinavia, Canada, and Latin America. The money raised from the sale of the companies will be used to bolster company capital. Sorainen explained that PZU's acquisition furthered its goal of creating a strong business outside Poland.
Consultancy to RSA Insurance was provided by lawyers from Lawin (in all three Baltic countries), Soltysinski Kawecki & Szlezak (in Poland), Slaughter and May (in London), and Gorrissen Federspiel (in Denmark).
The Lawin team was led in Lithuania by Partner Zilvinas Zinkevicius and lawyer Ruta Besusparyte, in Latvia by Partner Raimonds Slaidins and Associate Sarmis Spibergs, and in Estonia by Partner Martin Simovart, Associate Heleri Tammiste, and lawyer Jesse Kivisaari. The Soltysinski Kawecki & Szlezak team included Partners Andrzej Kawecki and Marcin Olechowski, and Senior Counsel Witold Kurek.