Norwegian insurance company Gjensidige Forsikring ASA agreed to acquire 99.88 percent of the shares in PZU Lietuva from PZU SA for EUR 54 million. The Group's market share in the Baltics will increase from 7 percent to 13 percent. The market share in Lithuania will increase from 7 percent to 21 percent, Gjensidige said in a press release.
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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