News
ERGO to foster further integration of its Baltic companies
2010-04-06
ERGO insurance group in the Baltics further strengthens the group functions and implements new management framework. In order to manage the group in a fully integrated way, on 30 March the Supervisory Board of ERGO’s Baltic companies approved the new membership and new functions of its Management Board for the Baltic States. The decision of the Supervisory Board of ERGO’s Baltic companies has been submitted to the supervisory authorities in the three respective countries.
Till now ERGO is the only one insurance group in the Baltics working under unique and unified management model. „After several years spent consolidating ERGO companies, we are further putting the finishing touches to its integration by introducing a new management organisation and adjusted functional structure. The aim is two-fold: to improve the service provided to our clients and to strengthen the ERGO position as one of the leading insurers in the Baltics,“ says dr. Kęstutis Bagdonavičius, the Chairman of ERGO Baltic states Management Board. The decisions will also help to increase the efficiency and profitability of ERGO’s companies in the Baltic States.The decision of the Supervisory Board has been the appointment of five members to the Management Board of ERGO’s Baltic companies. Dr. Kęstutis Bagdonavičius will chair the board, and its other members will be Saulius Jokubaitis, Deniss Sazonovs, Sergei Vahnitski and Marek Začek.
ERGO Baltic Life insurance and investments will be led by Deniss Sazonovs, and non-life insurance by Saulius Jokubaitis. Responsible for the operational management of ERGO’s business units in Estonia, Latvia and Lithuania will be Sergei Vahnitski (COO). The sales and marketing activities of the insurance companies in the three countries will also come under the same strategic management, which will be the responsibility of Marek Začek.
Former management board member Darius Kremensas decided to leave ERGO insurance group. "We would like to express thankfulness to Darius Kremensas for his many successful years at ERGO insurance group. His has made invaluable contribution in the successful expansion of ERGO business activities in the Baltic’s. His innovative thinking and sharp business sense have made ERGO one of the leading insurance services providers in the region," continues dr. Bagdonavičius.
"Over many years of experience in insurance business I have come to know these markets very well. I am looking forward to implement my new ideas in another, but not less challenging business environment. I’m convinced that it’s right time to over give the management wheel to professional and ambitious managers team and I wish all success for ERGO in the future,“ states Kremensas.
Dr. Bagdonavičius says that ERGO’s companies in the Baltic States are moving towards greater synergy and efficiency. “Figuratively speaking, we’re building one house using the best practices of a variety of markets,” he explained. “The big winners in all of this will be our clients, in terms of the new solutions we can offer them, and our staff, in terms of the challenge it will present”.
One of the biggest steps in the direction of streamlined management of the companies according to dr. Bagdonavičius will be the merger of ERGO’s life insurance companies into one incorporated European enterprise, which is due for completion in the third quarter of this year. “It’s a clear indication that we see the three insurance markets as being one business in the future, and so we’re pooling our resources where it makes sense to do so. Our owner, the ERGO Insurance Group, also views the Baltic States as one area.”
