Austrian Wiener Städtische Versicherung AG Vienna Insurance Group signed a purchase agreement with the Finnish Suomi Mutual Life Assurance Company for the acquisition of 100% of Seesam Life Insurance SE.
„This deal significantly expands the geographic network of the Vienna Insurance Group in Central and Eastern Europe”, explains Günter Geyer, CEO of the Vienna Insurance Group, and adds: „As the leading Austrian CEE insurer we possess a high level of integration know-how and practical experience in these markets. With their robust economic development, the three Baltic states open up strong growth prospects for insurance companies.”
Seesam Life Insurance SE, with its headquarters in the Estonian capital Tallinn, was founded in 1993. The life insurance company subsequently expanded into the markets of Latvia (1999) and Lithuania (2001). In Latvia and Estonia Seesam ranks an excellent fourth place in the life insurance market and in Lithuania the ninth place. Seesam has ten branches in all three countries and provides services for 45,000 clients with a staff of approximately 200 employees.
The Austrian company plans to expand of life insurance in Poland, through the acquisition of FinLife TunZ S.A. Vienna Insurance already has a presence in Poland, with a total of seven companies. They include Compensa non-life and Compensa life, Benefia non-life and Benefia life, the life insurance company Royal Polska as well as the non-life insurers Cigna and TU PZM. With a population of around 38 million, and thus one of the biggest markets in CEE, Poland has an insurance penetration of 1.7% and an insurance density of approx. $151 in the life insurance business. (press release)