The Board of Directors of the Joint Stock Insurance Company “Seesam Latvia” has adopted decision to carry out reorganization of the Company in order to join the Estonian Joint Stock Company “Seesam Insurance”. Adoption of this decision marks start of preparation of the reorganization process, which, according to the plans, should be completed by the end of 2011. After the reorganization, in the result of change of the legal status of the Company, the JSIC “Seesam Latvia” will change also its name – in the future it will be the Latvian Branch of the Joint Stock Company “Seesam Insurance”.
Till the moment of accession to the “Seesam Insurance”, the JSIC “Seesam Latvia” will continue its current operations as before. After completion of the reorganization, all the existing liabilities of the JSIC “Seesam Latvia” will remain in force – after the accession all the liabilities of the Latvian company will be overtaken by the Latvian Branch of the JSC “Seesam Insurance”.
The merger of the companies will not cause any difficulties to the customers of the JSIC “Seesam Latvia”– the customers will not be required to take any additional measures in order to continue their existing insurance contracts.
The Latvian Branch of the JSC “Seesam Insurance” will be a resident of Latvia in the meaning of the taxation laws and regulations.
Also after the accession to the JSC “Seesam Insurance” payments of insurance premiums will be made to the same existing bank accounts of the JSIC “Seesam Latvia”.
The main objective of the reorganization is improvement of the Company's capacity and competitiveness, improvement of the service level, as well as a full and purposeful exchange of corporate experience.
It is important to note that after the reorganization all the employees of the JSIC “Seesam Latvia” will retain their jobs.
Mr. Aigars Freimanis, Director and Member of the Board of Directors of the JSIC “Seesam Latvia”, emphasizes that the company's reorganization should be considered as a "muscle building" that will significantly increase the company's potential, among other things, creating the opportunity to participate in more ambitious non-life insurance purchases.
– The experts of “Seesam Latvia” are recognized as high-class professionals in the insurance field. Especially appreciated is their competence in risk analysis and evaluation or in the so-called classic risk assessment. However, any professional wishes to learn more and acquire new knowledge and competence. The reorganization will give us new potential for further growth – highlights Mr. A. Freimanis.
About the JSIC “Seesam Latvia”
The JSIC “Seesam Latvia” provides insurance services since 1993.
From June 20, 2011 the sole shareholder of the JSIC “Seesam Latvia” is the JSC “Seesam Insurance” – a 100% subsidiary of the non-life insurance company “Pohjola Insurance Company Ltd.”, which is a member of “OP-Pohjola”, the largest and most well-known financial group in Finland.
The OP-Pohjola Group companies in Finland and the Baltic Countries employ more than 12 500 employees in total. The total assets of the Group exceed 80 billion Euros.
„Pohjola Insurance Company Ltd.” was founded in 1895. It is the oldest non-life insurance company in Finland and its market share is 27 % of the insurance market of this country.
The international rating agency Standard & Poor`s has assigned the safety rating A+ to „Pohjola Non Life Insurance Company” that is one of the highest ratings among the Scandinavian insurance companies.
Additional information:
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Tel. No. +371 67 06 10 70
Fax No. +371 67 06 10 22