We advised UAB Masterisk on the establishment of a managing general agent (MGA) platform for the distribution of suretyship bond insurance products in the Baltic states on behalf of Fortegra Belgium Insurance Company NV, part of the international specialty insurance group Fortegra. This initiative marks an important step in strengthening the availability of alternative surety solutions for businesses in the region.
Fortegra is an international insurer operating in the United States and Europe and specialising in niche insurance solutions. In Lithuania, Fortegra Belgium Insurance Company NV operates under the EU freedom of services regime and is supervised by the Bank of Lithuania.
Masterisk acts as Fortegra’s insurance agent and legal representative in Lithuania and conducts insurance distribution activities in accordance with the Law on Insurance under the supervision of the Bank of Lithuania. Through this partnership, the insurer is expanding the availability of suretyship insurance products in the Lithuanian market, offering businesses an additional source of surety solutions within a fully regulated insurance distribution framework. The Masterisk team is led by Darius Bivainis, a surety and insurance professional with more than 20 years of industry experience, supported by experienced insurance and data analytics specialist Aidas Simanavičius.
Our team and services
We advised the client on structuring and implementing its MGA business model from an insurance regulatory perspective, including the insurer approval process, governance and compliance framework, operational policies, contractual arrangements, and suretyship insurance documentation.
Our assistance included developing the internal governance, compliance, and operational framework necessary for MGA activities, as well as preparing the documentation required to ensure compliance with Lithuanian and EU insurance regulatory requirements and the insurer’s internal standards. The project involved establishing a robust regulatory and operational framework to enable the distribution of suretyship insurance products in Lithuania and across the wider Baltic market.
Our team consisted of partners Indrė Pelėdaitė and Tomas Kontautas, as well as senior associate Aušra Kunčiuvienė.
