We advised the landmark deal on the insurance market where GrECo JLT acquired the majority holding of IIZI Group
Ellex Raidla team advised GrECo JLT, the major risk and insurance manager in CEE, on the acquisition of a strategic stake (56.9462 %) in IIZI Group AS.
GrECo JLT is a family-owned company established in Austria in 1925 is employing close to 800 people and operating in 16 countries with 52 subsidiaries, including in Estonia since 2014 and in Lithuania through acquiring RHEA in 2008.
IIZI Kindlustusmaakler AS is the leading insurance retailing company in the Baltics, represented in Estonia, Latvia and Finland with more than 150 employees and 150 000 active customers.
According to Georg Winter, Member of the Board of GrECo JLT Group, IIZI has stood out internationally with their innovative solutions being the indisputable market leader in its region for private customers, small and medium-sized companies and as a partnership solutions provider. “We are ready to contribute considerably to strengthening our position in the Baltics and gain from IIZI’s extensive know-how and retail customer service experience ourselves,” Winter said.
“On the other hand, the customers of IIZI will in turn win from the extensive international experience of GrECo JLT,” Winter said, adding that the main focus of GrECo JLT has been on providing corporate insurance brokerage services and consultations and the shareholding of JLT in the company enables access to a huge network of subsidiaries and partners all around the world.
After the transaction the executive management and current shareholders who have been actively involved in day-to-day operations of IIZI will continue as shareholders and managers of the company.
From Ellex Raidla Partner Sven Papp, Counsel Jaanus Ikla, Senior Associates Gerda Liik, Reet Saks, Associate Merlin Liis and Lawyers Kevin Gerretz, Mirko Kikkamägi advised on the transaction.
Read more about the deal HERE.