ERGO is Acquiring Gjensidige - Insurance Business in the Baltics

In early 2024, it was announced that ERGO is acquiring Gjensidige and plans to take over its insurance business in all three Baltic countries. If the transaction is approved by all competition regulators (Lithuania’s decision is still pending), ERGO will fully absorb Gjensidige's operations in the region. The full integration is expected to be completed by the first quarter of 2026.

Gjensidige issued insurance policies worth €43 million across the Baltics in 2024, making this a major shift in the regional market. The exact internal motivations for the sale have not been disclosed, but from what we've seen, Gjensidige wasn't in any visible trouble. The Baltic insurance sector is highly competitive, and all players face pressure, but Gjensidige has consistently operated with professionalism and strong capability, backed by experience from its Norwegian parent company.

What changes for clients now that ERGO is acquiring Gjensidige?

Until the transaction is finalized, both ERGO and Gjensidige will continue to operate independently. At the moment, there are still noticeable differences in pricing between the two, sometimes more than 50% for identical risks.

For clients insured by Gjensidige:

• Existing and upcoming Gjensidige policies remain valid.

• Claims will continue to be handled as usual.

• After full integration (expected in 2026), the Gjensidige brand will be phased out, and all products will fall under the ERGO umbrella.

For some, this transition might pass without much change. For others, there could be differences in pricing, terms, or risk appetite, as each insurer brings its own strategy and underwriting philosophy.

Our perspective as brokers

Perks views this as one of the most significant shifts in the Latvian insurance market in recent years. ERGO is a stable and trustworthy company, but we will truly miss working with Gjensidige. Many of our clients currently hold Gjensidige policies because they offered the most competitive option after objective comparison across several insurers.

Roughly 70% of Gjensidige’s premium volume in Latvia has come through brokers rather than direct or digital channels. That tells us something important: clients chose Gjensidige not because it was convenient, but because it was the best deal available after thoughtful analysis.

We’ve worked with Gjensidige for over 15 years, ever since they entered the Latvian market by acquiring Parex Insurance. Their combination of professionalism and human approach — the willingness to help, connect clients with the right person, and solve problems thoughtfully — has always stood out. The news that ERGO is acquiring Gjensidige was a significant moment for us too, and we sincerely hope that this human-centred approach will carry over into the new structure.