Insurance

Ellex Klavins’ experience in the insurance sector covers all aspects of the insurance industry and statutory regulation. We have advised life and non-life insurance companies operating in the Baltics on matters related to legal framework, product development, investments, consumer rights, and insurance indemnities, as well as issues regarding distribution channels and insurance intermediation. Due to our firm’s extensive experience in major M&A transactions in the insurance sector on a pan-Baltic and national level, our experts in this sector have gained valuable knowledge relating to the acquisition of insurance companies. Therefore, our team provides a ready solution for clients seeking legal advice for transactions involving insurance companies or insurance portfolios, as well as for the performance of legal due diligence in this area.
Key projects in the field

Key contacts

Pēteris Dalderis

Partner

+371 6781 4848
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Egons Piķelis

Partner

Co-head of Banking & Finance Practice Group
+371 6781 4848
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Key projects in the field

We advised one of the largest carriers in a transport insurance dispute before the Norwegian court
Successfully assisting the client - one of the largest Latvian carriers in the civil proceedings before Oslo Conciliation Board (Forliksrådet i Oslo). The claim against the client was brought before the Norwegian court as a recourse claim in relation to a transportation services that were provided by our client. The claimants argued that the client had failed to properly undergo the customs procedures that resulted in a fine being imposed by the customs authorities. The claimants sought reimbursement of the imposed fine against the client.
 
The client was advised by managing partner Liga Merwin and associate partner Andris Lazdins.
 
 
We represented a client in civil litigation regarding alleged self-ignition of a vehicle
Representing a general distributor of vehicles in Europe as a defendant in civil court proceedings against the claimant – a Latvian insurance company. The cause for the claim was a fire accident that took place back in 2011 in which a particular type of vehicle was completely burnt. It was alleged by the insurer that the fire accident took place due to a mechanical malfunctioning and self-ignition of the vehicle.
 
Our team represented the client in fruitful settlement negotiations that resulted in revocation of the plaintiff’s claim without any compensation of the client.
 
The client was represented by partner Daiga Zivtina, associate partner Andris Lazdins and senior associate Anete Dimitrovska.
Ellex advised on a landmark insurance deal where GrECo JLT acquired the majority holding of IIZI Group
09.08.2018
 
Ellex advised GrECo JLT, the major risk and insurance manager in CEE, on the acquisition of a strategic stake (56.9462 %) in IIZI Group AS.
 
GrECo JLT is a family-owned company established in Austria in 1925 is employing close to 800 people and operating in 16 countries with 52 subsidiaries, including in Estonia since 2014 and in Lithuania through acquiring RHEA in 2008.
 
IIZI Kindlustusmaakler AS is the leading insurance retailing company in the Baltics, represented in Estonia, Latvia and Finland with more than 150 employees and 150 000 active customers. IIZI has stood out internationally with their innovative solutions being the indisputable market leader in its region for private customers, small and medium-sized companies and as a partnership solutions provider.
 
The customers of IIZI will in turn win from the extensive international experience of GrECo JLT. The main focus of GrECo JLT has been on providing corporate insurance brokerage services and consultations, therefore, the shareholding of JLT in the company enables access to a huge network of subsidiaries and partners all around the world.
 
After the transaction the executive management and current shareholders who have been actively involved in day-to-day operations of IIZI will continue as shareholders and managers of the company.
 
From Estonia Partner Sven Papp, Counsel Jaanus Ikla, Senior Associates Gerda Liik, Reet Saks, Associate Merlin Liis and Lawyers Kevin Gerretz, Mirko Kikkamägi advised on the transaction.
 
In Latvia the client was advised by Partner Pēteris Dalderis, Associate Anete Dimitrovska (leading the legal due diligence team), Senior Associate Andris Lazdiņš and Associates Beata Plociņa, Edvijs Zandars and Kaspars Oļševskis.
 
Read more about the deal here.