RENOMIA enters Latvia by acquiring a majority share in a local leading insurance broker
17. December 2020
RENOMIA, a leading insurance broker in Central and Eastern Europe, announces the purchase of a majority stake in R&D APDROŠINĀŠANAS BROKERS (R&D Insurance Brokers Ltd.) based in Riga. Latvia thus becomes the eighth European country in which RENOMIA has direct representation. R&D is Latvia’s largest insurance broker and one of the largest insurance brokers in the Baltics. The company provides services to both businesses and individuals and carries out a significant part of its business on e-commerce platforms. With this acquisition, RENOMIA further strengthens its position within Central and Eastern Europe.
“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. RENOMIA’s investments are moving in several directions: in developing the expertise and personal growth of our staff, in digitization, in the expansion of services, in great client experiences and, of course, in strengthening our position on the market. All in order to provide our clients with services of the highest level. Quality insurance programs and support during claims settlement are now enormously important for companies and individuals, we see this both in the Czech Republic and in all other countries where we operate,” says RENOMIA managing partner Pavel Nepala.
“We believe that the entry of an experienced and strong partner into R&D will be positively felt especially by our clients. We plan to accelerate the further development of our services both in the insurance of companies and in the field of e-commerce. In addition to the emphasis on superior client service, we are also connected with RENOMIA thanks to the commitment for digitization. The automation of processes is necessary but does not bring any added value to clients. However, thanks to this, the broker can focus more intensively on highly personalized solutions for his or her clients,” says Dainis Maldutis, one of the co-founders of R&D. The management of the R&D Group will not change after the acquisition by RENOMIA and will continue to focus on the development of specific business activities.
Founded in 2007, R&D Insurance Brokers has 67 employees and manages €21 million in premiums for its clients. It offers comprehensive services from risk assessment and insurance programs management and claims settlement. R&D specialists are engaged in life and non-life insurance and work closely with all major insurers within the Baltic states. Thanks to this partnership with RENOMIA, clients of R&D Insurance Brokers will also benefit from the expertise and contacts of Gallagher, a leading global brokerage company that has been a minority shareholder of RENOMIA since 2019 and is based in the United States.
This entry into another European country follows a series of activities by RENOMIA in 2020, when it bought shares in several companies. It has also recently opened a unique International Broking Centre (IBC) platform that helps domestic and foreign RENOMIA clients with the placing of large and complicated risks abroad. RENOMIA is also dedicated to private insurance and in this segment invests heavily in technology and product development.