Ellex Raidla has advised GrECo JLT, a risk and insurance manager in Central and Eastern Europe, on the acquisition of a stake of over 57% in IIZI Group AS.
GrECo is a family-owned company established in Austria in 1925 that operates in 16 countries.
IIZI Kindlustusmaakler is an insurance retailing company in the Baltics, represented in Estonia, Latvia, and Finland.
Georg Winter, Member of the Board of GrECo Group, said that “IIZI has stood out internationally with their innovative solutions being the indisputable market leader in its region,” and adds that, “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.”
“Many of our corporate customers and partners need a service with a consistently high quality in all three Baltic countries,” said Igor Fedotov, the Chairman of the Management Board of IIZI Group, elaborating that the customers’ needs and the whole insurance market are changing with insurance business becoming more and more international. “In addition, the 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."
The Ellex Raidla team consisted of Partner Sven Papp, Counsel Jaanus Ikla, Senior Associates Gerda Liik and Reet Saks, Associate Merlin Liis, and Lawyers Kevin Gerretz and Mirko Kikkamagi.
Editor's Note: After this article was published CEE Legal Matters was informed that Eversheds Sutherland Ots & Co advised IIZI Group AS on the sale. The team consisted of Managing Partner Maivi Ots, Senior Associate Lauri Liivat, and Legal Counsel Marten Amjarv.