CIG Pannónia expands to Baltic states

Deals

Hungarian insurer CIG Pannónia is making inroads into markets in two of the Baltic states through its general insurance unit Első Magyar Általános Biztosító (EMABIT), the company told national news agency MTI.

EMABIT will introduce new products in Lithuania from March and will also start operating in Latvia, CIG Pannónia said. The expansion will raise the number of foreign markets in which EMABIT has a foothold to seven.

The company started selling mandatory liability insurance tailored to truck drivers in Poland in 2012. A year later, it began offering freight insurance in Lithuania. It has been present in Italy since 2014 and in Spain since 2017. It also offers targeted insurance products in Slovakia and Romania.

Last December, Holding company Konzum announced its aim to acquire a 24.85% share in CIG Pannónia by raising capital through a private placement.

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