Vilnius, December 12, 2025 — The Lithuanian Competition Council has cleared Munich Re’s indirect acquisition of insurance company Gjensidige, subject to commitments aimed at preserving competition in the carrier liability insurance market.
The transaction involves Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München acquiring sole control of Gjensidige through its subsidiary ERGO International AG. The authority concluded that, absent remedies, the deal would have created or strengthened a dominant position in the low-premium segment of carrier third-party liability insurance in Lithuania.
Following a merger notification submitted on April 22, 2025, the authority’s Merger Control Group identified significant competition concerns arising from the overlap between the parties’ activities in the carrier liability insurance market. In response, Munich Re submitted revised commitments on December 10 to address the identified risks.
Under the commitments, Munich Re will divest Gjensidige’s entire carrier liability insurance portfolio to a purchaser approved by the Competition Council. The company has also undertaken not to compete for the transferred customers for a period of two years and to maintain the value and scope of the existing insurance contracts unchanged until the transfer is completed.
The commitments further require Munich Re to provide transitional services to the buyer, as agreed between the parties, and to regularly report to the Competition Council on the implementation of the remedies.
Munich Re proposed If P&C Insurance, an Estonia-based insurer, as the purchaser of Gjensidige’s carrier liability insurance portfolio. The Competition Council approved both the proposed buyer and the purchase agreement, finding them consistent with the commitments.
On this basis, the authority concluded that the divestment would eliminate the anticompetitive effects identified during the review and cleared the transaction, conditional on the proper and timely implementation of the commitments.
The decision may be appealed to the Regional Administrative Court within one month of its delivery or publication.
