Authorities in Lithuania this week licensed UAB Commercial Union Lietuva Gyvybes draudimas to start life insurance operations in the country. The company is expected to issue first policies in the autumn of 2001.
Authorities in Lithuania this week licensed UAB Commercial Union Lietuva Gyvybes draudimas to start life insurance operations in the country. The company is expected to issue first policies in the autumn of 2001.
UAB Commercial Union Lietuva Gyvybes draudimas will be incorporated in Lithuania in coming days. The company is fully owned by Commercial Union Polska – Towarzystwo Ubezpieczen na Zycie SA. Stephen Marini has been appointed general manager of the company. Mr Marini has worked in a number of countries including the United Kingdom, Spain, Argentina and Poland and has extensive experience in the insurance industry and new business start-ups stretching over 15 years. CU Lietuva will be headquartered in Vilnius and will have several regional branches in the country.
The first product of the Lithuanian company will be individual unit-linked life insurance, similar to the universal life insurance Plus – the most popular individual life policy in Poland. Policies will be distributed by insurance agents who are now in the process of intensive training.
In establishing and developing the company in Lithuania we shall be able to draw upon the experience of our success in Poland said Jaroslaw Myjak, CGNU Country Chief Executive in Poland. We will be working to establish standards for modern life insurance in Lithuania.
Both UAB Commercial Union Lietuva Gyvybes draudimas and Commercial Union Polska – Towarzystwo Ubezpieczen na Zycie SA are part of the international CGNU Group. CGNU is the largest insurance group in the United Kingdom and the world’s sixth-largest by revenues. The group has been operating in Central and Eastern Europe since 1991. Acting under the Commercial Union brand, it has leading positions in Poland’s life insurance and pension fund businesses and is also involved in general insurance. CGNU also has established life insurance subsidiaries in the Czech Republic and Romania, and acquired a life insurer Mébit in Hungary. CGNU also has a pension fund business in the Czech Republic and intends to continue its expansion in the region.
Further information can be obtained from Grazyna Goslings, director of public relations of Commercial Union Poland Group, phone (0-22) 653 98 86, fax (0-22) 653 96 37, e-mail: public_relations@cu.com.pl
Commercial Union Poland Group’s website: http://www.cu.com.pl/