On 17 April, one of the world’s largest insurance companies, RSA Insurance Group, announced the sale of its companies in three Baltic countries (Lithuania, Latvia, Estonia) and Poland. The transaction was concluded with the Polish insurance company Powszechny Zaklad Ubezpieczen (PZU). The total value of the transaction was around EUR 360 million. RSA Insurance Group sold its company Lietuvos Draudimas in Lithuania, Balta in Latvia, Codan Forsikring in Estonia, and Link4 Society Ubezpieczen Spolka Akcyjna in Poland. The transaction is scheduled for completion in the second half of 2014.
Consultancy to RSA Insurance Group was provided by a team of lawyers consisting of representatives of the law firms Slaughter and May (London), COBALT (Lithuania, Latvia and Estonia), Gorrissen Federspiel (Denmark), and Sołtysiński Kawecki & Szlęzak (Poland).
The COBALT team was led by Martin Simovart (partner), Heleri Tammiste (associate attorney) and Jesse Kivisaari (lawyer).
According to RSA Insurance Group, the transaction meets its goals and is intended for the concentration of the company’s business in Britain and Ireland, Scandinavia, Canada, and Latin America. The money raised from the sale of the companies will be used to bolster the company’s capital.
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