Insurance Experience

• REGULATORY

  Advising Aon, the leading global provider of risk management services, insurance and reinsurance brokerage and human capital consulting on the cross-border merger of its insurance brokerage subsidiaries operating in Estonia, Latvia, and Lithuania into one company in the Baltics. Read more

  Facilitating If P&C Insurance, a major Nordic and Baltic insurance company, on the first cross-border merger in the Baltics (and possibly the EU) under new legislation implementing the EU Cross-Border Mergers Directive. The transaction, aimed at restructuring the client's business in the Baltics, involved complex corporate and regulatory work and implementing novel cross-border procedures.

  Steering Wiener Städtische Versicherung Vienna Insurance Group, a leading international insurance group in Central and Eastern Europe, in its acquisition of Seesam Life Insurance from Suomi Mutual Life Assurance Company subject to regulatory approvals. The transaction is notable for being the first acquisition of a SE (the new European company type) in the Baltics and one of the first in Europe.

  Supporting Gjensidige Forsikring, the largest Norwegian non-life insurer, in its acquisition of RESO Europa, the third largest non-life insurance company in Lithuania and also active in Latvia. Services included legal due diligence, drafting and negotiating the share purchase agreement, assisting the client in merger filings and obtaining permits from insurance regulatory authorities.

  Guiding Nordea Life Assurance Finland, insurance services arm of the largest financial services group in the Nordic countries, in entering the Lithuanian life assurance market. Services involved regulatory advice, drafting contractual documentation plus incorporation of a Lithuanian branch.

  Facilitating MAI Central Eastern Europe, CEE's largest independent network of insurance and reinsurance brokers, in its acquisition of insurance brokerage companies in Lithuania and Latvia.

  Assisting the Ministry of Economy of the Republic of Lithuania in drafting legal acts leading to a new law passed in July 2009 enabling a state-sponsored top-up export credit insurance scheme. SORAINEN took part in a working group consisting of insurance companies' representatives.

• CLAIMS HANDLING

  Advising If P&C Insurance, a major Nordic and Baltic insurance company, in administering one of the largest insurance events in 2009 - the gas pipeline explosion in Širvintos region, Lithuania.

  Representing ERGO Kindlustus, the Estonian subsidiary of major international insurer ERGO Insurance Group, against a claim for approx EEK 7.2 million (approx EUR 0.46 million) in a dispute over lawyers' civil liability. The case involved complex issues of professional liability and insurance law novel in Estonian practice, with the outcome a victory for the client before the Insurance Dispute Committee.

  Successfully defending ERGO Kindlustus, the Estonian subsidiary of major international insurer ERGO Insurance Group, against a policyholder claiming prepayment of a EEK 70 million (approx EUR 4.5 million) indemnity as interim relief in a claim for fire damage to a shopping mall, one of the largest such claims to date in Estonia. The court rejected the application.

  Representing ERGO Kindlustus, the Estonian subsidiary of major international insurer ERGO Insurance Group, in landmark insurance litigation where the Supreme Court annulled lower court rulings, changing their practice of too easily granting interim measures against insurers and establishing clear rules for adjudicating interim measures against insurers.

  Supporting a retail trading company by achieving an insurance settlement in a claim for approx EUR 180,000 from the leading insurer in Northern Europe after a fire in a building where sales inventory was stored.

  Advising a leading insurer of specialty risks that underwrites insurance policies in fourteen countries across Europe on a professional group civil liability insurance policy with the managing body of a regulated profession in Latvia.

  Advising a leading real estate developer on professional civil liability regulation of architects and possibilities to limit developer risk in cases of architect default.