Landmark Deal on the Baltic Insurance Market: GrECo and IIZI join forces

IIZI will become a subsidiary of GrECo and together they will be a major player on the Baltic insurance market. While their online insurance business will be carried on as IIZI, corporate insurance broking will be conducted under the name of GrECo in the future. The executive management, representing the remaining 43.05% of the shares, will stay on board. The parties have agreed not to disclose the price of the transaction.

Georg Winter, Member of the Board of GrECo Group and responsible for the Baltics, summarizes: “We have been dedicated to our expansion in CESEE for about 30 years now. The acquisition of IIZI adds a decisive momentum to the growth strategy of our entire group. Both we and IIZI will benefit from each other´s know-how and long-standing client service experience.”

Igor Fedotov, the Chairman of the Management Board of IIZI Group, says that the client´s needs and the whole insurance market were changing with insurance business becoming more and more international. “In order to represent the interests of our clients, especially abroad, we need a partner with international scale,” Igor Fedotov explains. “I believe that GrECo is the most suitable partner for that and the strengths of the both of us will definitely provide our clients with excellent new opportunities.”

IIZI is a perfect match for GrECo´s presence in the Baltics, which strengthens their business in Estonia, adds Latvia as a new market. The existing operation in Lithuania completes the comprehensive presence in the Baltics.