🇱🇹 Insurance | Lithuania
Lithuanian Competition Council approves ERGO–Gjensidige deal with conditions
Lithuania’s Competition Council has approved Munich Re’s indirect acquisition of Lithuania’s Gjensidige via ERGO International, subject to divestment conditions.
Key facts:
The authority required sale of the carriers’ civil liability (CMR) insurance portfolio to avoid excessive concentration in the low-premium segment.
The buyer approved by the regulator is If P&C Insurance (Estonia).
Munich Re must:
transfer all relevant contracts to an independent buyer,
keep contract value and scope unchanged until transfer,
not compete for transferred clients for two years,
provide transitional services and report compliance.
The regulator concluded that these commitments remove negative effects on competition.
Background:
ERGO announced the acquisition of Gjensidige’s Baltic business in July 2024.
Lithuania’s central bank approved the deal earlier.
Lithuania’s Gjensidige posted €4m net profit in 2023 (after a €17m loss in 2022) on €143.4m insurance revenue (+11.6% YoY).
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