Norway’s insurer Gjensidige to buy PZU Lithuania

PZU Lietuva
DELFI / Kiril Čachovskij

PZU Lietuva offers general insurance products primarily within the motor, property and personal lines in Lithuania. The company also has operations in Estonia and Latvia, but these will be separated out before final closing and they are not part of the transaction.

The final closing is expected to take place at the beginning of the third quarter 2015.

PZU Lietuva is the third largest player in Lithuania, with a market share of 13.8 percent as of third quarter 2014, and with gross written premiums in this market of some EUR 50 million in 2014. PZU Lietuva has around 560 employees.

Gjensidige is a leading general insurance company in the Nordic region with operations in Norway, Denmark, Sweden and the Baltics. Operating income was NOK 21 billion in 2013, and the Group had around 3,400 employees before the take-over of PZU Lietuva.

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