GrECo Group, the leading risk and insurance consultant in CEE, acquires 80 % of UADBB Sagauta, no. 2 insurance broker in Lithuania.
Austrian-based insurance broker GrECo has already been present in Lithuania with one office in Vilnius since 2008. Sagauta, who has five locations across the country, will merge with the existing GrECo operation and conduct its business under the name of GrECo Sagauta in the future. The founders and current owners will stay on board and retain the remaining shares.
Silva Macienė, the founder and Chairman of the Board at Sagauta adds: “We accomplished a truly remarkable journey here at Sagauta – from the small team of like-minded enthusiasts to the leading specialist insurance broker and member of the GrECo family. The merger will definitely strengthen GrECo Sagauta as a favourite insurance partner but it is also an opportunity for us to expand our presence to Latvia and Estonia.”
Katerina Pavlidi, CEO at Sagauta sees a variety of new possibilities through the deal. “GrECo’s expertise and technological solutions will be a perfect add-on for Sagauta. Their specialization in defined industry sectors and their international market presence reinforce our position as a specialist corporate insurance broker and provide our clients with a valuable alternative to the global monolithic brokers.”
Georg Winter, Member of the Board at GrECo Group and responsible for the Baltics, summarizes: “The acquisition of Sagauta further strengthens our position on the Baltic market. Following the acquisition of IIZI in Estonia last year we will become the leading risk and insurance management consultant in the Baltic States.”
GrECo provides dedicated expert knowledge for a variety of industries including Construction, Energy, Financial Institutions or Transportation & Logistics, thus becoming the leading specialist insurance broker in Central & Eastern Europe and Central Asia. Furthermore, GrECo offers tailor-made insurance solutions for Property & Casualty, Financial Lines, Transport, Credit & Political Risks as well as Employee Benefits and Motor.
Sagauta is focussing on dedicated areas like Transport, Construction and Employee Benefits. Together with GrECo, Sagauta will expand its services and solutions for several industries.
UADBB Sagauta, founded in 1996, is a leading specialist insurance broker in Lithuania, focusing on dedicated areas like transportation, construction and employee benefits. The company offers all insurance services for business and private individuals. It employs more than 60 people and is headquartered in Vilnius. It operates countrywide and has 5 branch offices in major cities. The revenues of the company have reached EUR 3.1 million in 2018
GrECo is an Austrian company, the majority of which is family-owned and in which the German Ecclesia Group holds a 13,33 % stake. The GrECo Group offers its clients individual solutions in risk and insurance management and is Austria’s leading insurance broker for industry, trade, commerce and the public sector. The main difference to comparable providers lies above all in the decentralised location strategy, which guarantees service from a single source. Shortly after the opening of Eastern Europe, GrECo became the first foreign insurance broker to establish a branch in Hungary in 1989. In the following years, branches were opened in the Czech Republic, Slovakia, Slovenia, Croatia, Romania, Bulgaria, Poland, Serbia, Ukraine, Russia and Lithuania. Turkey and Estonia were added in 2013/2014.
GrECo International Holding AG achieved consolidated Group turnover of EUR 94.2 million in the 2018 financial year with a premium volume of EUR 760 million.