Transaction of transfer of ERGO Life Insurance pension funds of the 2nd pillar successfully closed

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TGS Baltic acted as a legal advisor to ERGO Life Insurance SE in structuring and implementation of the transaction of transfer of the 2nd pillar pension funds managed by the company in Lithuania to UAB DNB Investicijų Valdymas.

After the closing of the funds transfer transaction on 13 November 2014, the number of clients of UAB DNB Investicijų Valdymas reached 156,000 and the value of the assets under management – LTL 875 million. After the Bank of Lithuania issued a permit on 29 July for ERGO Life Insurance SE to transfer the management of its 2nd pillar pension funds in Lithuania, almost 37,000 residents of the country became new clients of UAB DNB Investicijų Valdymas. Assets accumulated by them in the 2nd pillar pension funds amount to over LTL 180 million.

In this process TGS Baltic, represented by Partner Marius Matonis and Senior Associate Mantas Gofmanas, was an advisor to ERGO Life Insurance SE on legal issues, which structured the transaction, prepared documents related to its initiation, performance and closing, as well as represented the company in the Bank of Lithuania for the purpose of obtaining permits necessary for the transaction.

ERGO is one of the leading insurance companies in Lithuania and the only one that offers insurance of all types: non-life, life, pension and health insurance. ERGO life insurance company was a company with the oldest insurance traditions and the longest history of operation in the Lithuanian life insurance market. ERGO Life Insurance SE is the first European company with headquarters in Lithuania.