Competition Authority decided to permit concentration of LHV Group and Toveko Invest
The Estonian Competition Authority has granted a permit for concentration of AS LHV Group and Toveko Invest OÜ for the companies to jointly enter the non-life insurance market.
AS LHV Group and Toveko Invest OÜ plan to establish a non-life insurance undertaking called AS LHV Kindlustus, 65% of which would belong to AS LHV Group, and 35%, similarly to the ownership structure of AS LHV Finance, to Toveko Invest OÜ. The main business line for the undertaking would be offering non-life insurance products. The ensuing prerequisites for commencing the operations of the insurance undertaking include concluding an agreement between shareholders, establishing the company, and receiving an activity licence from the Financial Supervision Authority.
LHV has disclosed the intent to establish an insurance undertaking in the 18 February market announcement: https://cns.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=922262&messageId=1162155
LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group's key subsidiaries are LHV Pank and LHV Varahaldus. LHV employs over 450 people, and 212,000 customers use LHV’s banking services. Pension funds managed by LHV have 177,000 active clients.
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