GrECo Group, the major risk and insurance consultant in CEE, acquires 56.95% of IIZI Group, Estonia´s leading insurance broker
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.
GrECo is characterized above all by a high degree of internationalization. As the only risk and insurance manager in Austria, the company operates 57 branches in 16 countries of Central, Southern and Eastern Europe with over 1,100 employees from Vienna. One of the strengths of Austria’s leading insurance broker lies in the rapid and flexible servicing of foreign markets.
So far GrECo has been providing ongoing support to international companies within the framework of networks. With the broker network “GrECo nova”, which was redesigned in the course of setting the path, GrECo itself now manages a network of long-standing and new broker partners who create added value for GrECo clients through their local presence, industry specialisations or market leadership in certain areas.