The asset management group Invalda INVL, in preparation for carrying out a transaction to acquire the Baltic business of Mandatum Life, one of Finland\u2019s largest life insurance companies, has established a new company, INVL Life, which in the near future will apply to the Bank of Lithuania for an insurance company licence.<\/p>\n
The new company is led by Rasa Kasperavi\u010di\u016bt\u0117. While Rasa Kasperavi\u010di\u016bt\u0117\u2018s main position remains the manager of Mandatum Life branch until Lithuanian insurance portfolio transfer to the new company is completed. Rasa Kasperavi\u010di\u016bt\u0117 will also be the new company\u2019s chairwoman of the board. Serving on the board with her will be Vytenis Lazauskas, the chief financial officer of INVL Asset Management, and long-time INVL Asset Management employee Martynas Samulionis who is managing partner of the INVL Sustainable Timberland and Farmland Fund II and chairman of the investment committee of the INVL Baltic Forest Fund I.<\/p>\n
The authorised capital of the new company is currently EUR 3.7 million, with plans to increase the amount later.<\/p>\n
Upon completion of the transaction, INVL Life will take over all of Mandatum Life\u2019s insurance business in the Baltic countries, including the approximately 30,000 customers of its Latvian, Lithuanian and Estonian branches, their insurance portfolio, the employees working at the Baltic branches, commercial agreements, and other assets and liabilities related to the operations of the branches.<\/p>\n
Invalda INVL, seeking to offer customers more choice and thus strengthen their financial security and overall well-being, on 15 June this year signed an agreement with Mandatum Life Insurance Company Limited on the acquisition of that company\u2019s life insurance business in the Baltic countries conducted through branches in Lithuania, Latvia and Estonia. Completion of the transaction is planned by mid-2022, once the supervisory authorities of the Baltic countries and Finland have granted all the required licences and permissions.<\/p>\n