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


+371 6781 4848

Egons Piķelis


Co-head of Banking & Finance Practice Group
+371 6781 4848

Key projects in the field

Ellex advised on a landmark insurance deal where GrECo JLT acquired the majority holding of IIZI Group
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.
Ellex advises OP Financial Group on the sale of Seesam Insurance AS to Vienna Insurance Group
OP Financial Group will sell all shares of its non-life insurance company Seesam Insurance AS, including its Latvian and Lithuanian branches, to Vienna Insurance Group. The parties signed the share sale and purchase agreement on 18 December 2017. The transaction is subject to the approval by the local regulatory authorities.

Seesam was founded in 1991 in Estonia and has offices in all three Baltic countries. It has over 200,000 customers and sells its non-life products across all distribution channels. In 2016 the company reported gross written premiums of around EUR 60 million and currently has 335 employees.

Seesam’s parent undertaking, OP Financial Group, is Finland’s largest financial services group. OP offers diverse banking, asset management and insurance services to companies and private persons. The OP Group includes 180 member banks, over 4 million clients, nearly 12,000 employees and the total assets of the Group exceed 80 billion Euro.

Vienna Insurance Group has close to 200 years of experience in the insurance business. There are about 50 Group companies in 25 countries. Vienna Insurance Group has a staff of about 25,000 employees. The listed Vienna Insurance Group is the best-rated company of ATX, the leading index of the Vienna Stock Exchange. Its shares are also listed on the Prague Stock Exchange.

Ellex advised OP Financial Group on the sale of Seesam Insurance to VIG. In Estonia the client was advised by Partner Sven Papp and Senior Associates Gerda Liik and Martin Mäesalu, in Latvia the client was advised by Senior Associates Sarmis Spilbergs and Mārtiņš Gailis and Associate Kristiāna Matuzeviča, in Lithuana the client was advised by Partner Dovilė Burgienė and Senior Associates Lina Žolynė and Ilona Jančiauskaitė, Partner Marius Juonys, and Senior Associate Alina Makovska.

We advised the insurance company QBE Insurance on liability and insurance issues related to the crash of a training aircraft
The aircraft crash occurred during the examination flight in Latvia and resulted in the death of its Estonian pilot, who served as examiner and student, a citizen of the Russian Federation. The aircraft, pilot and civil liability of the owner of the aircraft (a company registered in Latvia) were insured by QBE Insurance. Our team advised the Danish branch of QBE Insurance in the process of settlement and insurance claim handling.