Leading insurance broker in Central and Eastern Europe enters the Baltic States insurance brokerage market
Prudentia acted as an exclusive sell-side financial advisor to the leading insurance broker in Latvia - R&D Insurance Broker in the attraction of a strategic investor RENOMIA - a leading insurance broker in Central and Eastern Europe.
Founded in 2007, R&D Insurance Broker has 67 employees and manages €21 million in premiums for its clients. Based on continuous development and digitalization, R&D Insurance Broker has become the leading insurance broker in Latvia. RENOMIA acquired majority share in R&D Insurance Broker, still the management of the R&D Group will remain also after the acquisition and will continue to focus on further development of the group companies to strengthen leading positions in insurance brokerage market.
For RENOMIA Latvia becomes the eighth European country in which RENOMIA has direct representation. Being a leading insurance broker in Central and Eastern Europe, RENOMIA in 2019 attracted a minority shareholder Gallagher - a leading global brokerage company based in the United States. As a result, based on partnership with REONMIA, the clients of R&D Insurance Broker will also benefit from the expertise and contacts of Gallagher.
Dainis Maldutis, one of the co-founders of R&D Insurance Broker: “We believe that presence of an experienced and strong partner will be a benefit for our clients. We plan to accelerate the further development of services both in the insurance of companies and in the field of e-commerce. With help of RENOMIA we will be able to digitalize the provided services. The automation of processes is necessary so the brokers could focus more intensively on highly personalized solutions for clients”.
RENOMIA Managing Partner Pavel Nepala: “We are excited about the agreement with R&D to jointly develop services for clients in the Baltic countries. We share the same values and vision with the R&D team. We appreciate R&D’s modern approach, progressive thinking and experience in e-commerce and corporate insurance”.
Kārlis Znotiņš, Prudentia Associate Director: “R&D Insurance Broker is a great example how smart business decisions and digitalization has allowed rapid growth. We are proud to be part of R&D Insurance Broker development story by attracting investor and ensuring further growth opportunities”.
Ivars Pinkulis, Partner at Prudentia Riga: “As a result of the deal, R&D Insurance Broker has entered the next development stage.
The attraction of a strategic investor RENOMIA is an essential next step for R&D insurance broker in the growth journey to provide better services to clients by digitalization, international reach and expertise."