Sorainen has advised asset management group Invalda INVL's subsidiary INVL Life on obtaining a license to conduct life insurance activities in Lithuania.
According to the firm, this is the first insurance license issued in Lithuania in the last 20 years. “INVL Life was established as part of the group’s acquisition of the Baltic business of Mandatum Life, a Finnish life insurance company. INVL Life has a paid-in share capital of EUR 48 million, which is the largest share capital of all life insurance companies registered in the Baltic States.”
Sorainen also advised the INVL Group on the original deal with Mandatum Life in 2021 (as reported by CEE Legal Matters on June 29, 2021).
The INVL Group will offer life insurance, unit-linked life insurance, and additional protection such as critical illness and accident insurance among its services going forward.
Sorainen’s team included Partner Tomas Kontautas, Senior Associates Agne Sovaite, Vitalija Impoleviciene, and Mindaugas Dominykas Baniulis, and Associates Simona Timbariene and Laura Matuizaite.
