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Vienna Insurance Group to acquire Estonia-based Seesam Insurance

Vienna Insurance Group AG on Dec. 18 signed an agreement to fully acquire OP Financial Group's Estonia-based Seesam Insurance AS unit, subject to approval by local authorities.

The acquisition will allow the Austrian insurer to consolidate its market leadership in the Baltics, with the main aim of improving its position in Estonia. Vienna's 20% Baltic market share will rise to 24.2% following the takeover, and it will rise to second from sixth in the Estonian nonlife market.

For the nine months to Sept. 30, Vienna Insurance Group's companies in the Baltics recorded gross written premiums of about €240 million.

Seesam Insurance, which was founded in 1991 and is headquartered in Tallinn, sells nonlife products across all distribution channels and has 335 employees. The company, which also has offices in Latvia and Lithuania, reported gross written premiums of about €60 million in 2016.