To support the long-term resilience of the agricultural sector, GrECo has acquired AgroBroker, a specialised agricultural insurance broker with deep roots in Latvia’s farming community.
Agriculture remains one of Latvia’s most strategically important economic pillars. In 2024, the agriculture, forestry and fisheries sector recorded 3.7% growth, becoming one of the few industries to contribute positively during a year of overall economic contraction. With Latvian farms facing rising climate risks, fluctuating yields and increasing financial exposure, demand for stable, reliable risk management solutions continues to grow.
To support the long-term resilience of the agricultural sector, GrECo has acquired AgroBroker, a specialised agricultural insurance broker with deep roots in Latvia’s farming community. The transaction brings together AgroBroker’s trusted local expertise and GrECo’s international strength, creating one of the most comprehensive agricultural risk advisory platforms in the Baltic region.
Strengthening a Sector Vital to Latvia’s Economy
For GrECo, the acquisition is a strategic investment in a sector that plays a critical role not only in rural development but also in food security, exports and long-term national competitiveness.
Ante Banovac, COO of GrECo Group, emphasised: “AgroBroker’s deep roots in the agricultural community and its proven track record are a great complement to GrECo’s long-term strategy in the Baltics. This acquisition strengthens our commitment to a sector that is vital to the Latvian economy enabling us to provide broader solutions and enhanced protection for farmers and agribusinesses.”
A Natural Next Step in AgroBroker’s Development
Founded in 2012 as an affiliate of AgroCredit Latvia, AgroBroker has grown into one of the most trusted agricultural brokers in the country. Its long-standing client relationships and understanding of agricultural financial risks have formed the backbone of its success.
Girts Vinters, CEO of AgroCredit Latvia, reflected: “AgroBroker was created to provide farmers with a full range of financial services – combining financing with security. Insurance ensures that farmers can meet their obligations even when adverse weather or other external factors cause losses. Becoming part of a large international group is a logical next step, and although AgroCredit will no longer be a shareholder, our cooperation will continue for the benefit of our clients.”
A Milestone for Latvia’s Agricultural Ecosystem
“GrECo brings international experience and access to broader insurance solutions,” commented Raitis Narme, CEO of AgroBroker. “This means faster response times, more tailored risk products and an increased ability to protect agricultural companies from unexpected losses. We see this as a positive, future-oriented step that strengthens the stability and long-term competitiveness of Latvian agriculture.”
Combining Local Trust with International Capabilities
“By welcoming AgroBroker into GrECo, we are combining trusted local relationships with international capabilities. Clients will gain access to a wider range of insurance solutions, specialist knowledge and continuous service delivery,” Ilze Pāne Brodsgarda, CEO of GrECo Latvia. “This is a major step forward – for our clients, our partners and our team.”
What this Means for Farmers and Agribusinesses
GrECo Latvia now offers enhanced value through:
- Crop and livestock insurance
- Expertise in state‑subsidized agricultural insurance
- Strong local insurer relationships
- Corporate risk advisory
- Improved claims handling
- Access to international insurance markets
- A broader, more flexible product range
AgroCredit Latvia continues to contribute with:
- Deep understanding of agricultural economics
- Insight into clients’ financial risks and dependencies
- A wide and trusted client network
- Strong relationships in rural regions
Together, the combined strengths enable:
- Better risk assessment
- More tailored and flexible insurance solutions
- Greater financial stability for farmers
- Higher long-term value for clients
Ilze Pāne – Brodsgarda
General Manager
GrECo Latvia
T +371 29444664
