Following the merger of Sagauta and GrECo Lietuva, the new company will operate in the market under the name GrECo Sagauta. This step will further reinforce the positions of GrECo Sagauta in the Lithuanian insurance market, which is competitive and has been handling the challenges of the COVID-19 pandemic successfully.
The merger entered planning after October last year, GrECo Group purchased 80 percent of Sagauta’s shares. Prior to the merger, in Lithuania, the GrECo, which is registered in the Austrian capital Vienna, had a single office in Vilnius and had been operating in the local market since the year 2008.
“No one could have ever thought that the period from signing the contract to concluding the merger would be so colorful and filled with challenges, both in Lithuania and around the world. Despite the unusual environment, we performed all the procedures, merged the companies, and even moved to new offices. Furthermore, even during the most difficult parts of the lockdown, GrECo and Sagauta upheld their commitments and were there when needed. Tempered by the circumstances, we are prepared to grow together with our clients and partners,” Katerina Pavlidi, head of GrECo Sagauta said.
Georg Winter, the board member of GrECo Group, noted that “Our first impressions proved correct – Sagauta is a team of dedicated professionals, which can be trusted to strengthen our positions in the Baltic States’ market. The past few months have only further reinforced this impression.
GrECo is a specialised insurance brokerage company which holds leading positions in Central and Eastern Europe, as well as Central Asia. It is notable for its competencies in the construction, energy, financial institution, transport, and logistics sectors.
Sagauta is known on the market for its experience and knowledge in the transport and construction sectors, as well as in employee insurance. It is expected that the combined capabilities of the two companies will offer synergies and will be a basis to expand into other insurance domains.
While reorganisation is officially held to be completed after registering the bylaws for GrECo Sagauta, further essential concluding actions will be performed in order to unregister GrECo Lietuva. These actions are to be completed over September.
About GrECo
GrECo Group offers client-adapted services and solutions in the risk and insurance management domain. It is a leading insurance brokerage and consultancy company in the Eastern and Central European region. In the year 2018, GrECo purchased the Estonian insurance market leader IIZI Group and is currently offering its services across the Baltic States.
GrECo Group is an independent, family-owned company, with the Neubrand family owing 86.67% of its shares. The company is headquartered in Vienna and employs around 1,000 staff across 57 sections operating in 16 countries. By making use of the specialised insurance brokerage network GrECo Nova, the company’s services can be obtained in more than 200 countries around the world.
About GrECo Sagauta
UADBB GrECo Sagauta is a newly founded company whose roots can be traced back to the year 1996 when the insurance brokerage company UADBB Sagauta began its operations. This is a leading, specialised insurance brokerage company, which is known for its competencies in the transport, construction, and employee insurance domains. The company offers all insurance services to companies and private individuals. The company employs 61 specialists and is headquartered in Vilnius, with another four branches in Kaunas, Klaipėda, Šiauliai, and Mažeikiai. In 2019, the company’s income reached 3.45 million euro.
