The combined company, to be named GrECo, will be the leading professional services firm focused on the areas of risk and insurance management and employee benefits consultancy in CEE. GrECo has been active in Eastern Europe since 1989 and established a market-leading position with more than 1,000 employees in 16 countries.
MAI was founded in 1991 in Hungary and is active in 13 CEE countries with more than 240 employees, generating a revenue of 16 million EUR. MAI services over 15,000 corporate clients and places insurance premiums of 150 million EUR. With 20+ years in the company, the MAI executive board members are staying on board as part of GrECo’s leadership team.
“We followed MAI’s successful progress over the last decades, and made no secret of our long-standing respect for MAI and belief in the cultural compatibility of the two groups. I am confident that, as we bring the strengths of MAI into GrECo, we will have a significant influx of talent and create a combined group with deep expert skills and an unmatched CEE network in 18 countries. The acquisition of MAI adds a decisive momentum to the growth strategy of our entire group and significantly enhances our value proposition for clients and partners” says Friedrich Neubrand, Chief Executive Officer, GrECo International Holding AG.
Piotr Cieślak, MAI CEE Group´s Chief Executive Officer, summarizes: “MAI’s foundation was traditionally the servicing of international business, meeting the requirements of over 260 insurance brokers and their clients from all over the world. Today we serve both international and local clients across the CEE, CIS and Caucasus region. GrECo, being fully committed to an independent future, is the best fit. The combination of the specialist solutions of GrECo and the network of MAI creates the largest broker in the region. Together we will continue to be an independent, professional and reliable partner for our clients and international broker partners.”
Steve Bonynge, Group Chief Executive of the Oman based RMS LLC states:“RMS’s decision to sell our 72.08% stake in MAI CEE reflects our strategy of serving clients in the Middle East and Asia. We believe the combination of GrECo and MAI CEE represents the best outcome for our clients in Central and Eastern Europe.”
The transaction was signed on the 14th of September 2021, and the parties have agreed not to disclose the underlying purchase price of the transaction. Closing is subject to regulatory approvals.
fltr: Georg Winter, Friedrich Neubrand, Steve Bonynge, Piotr Cieślak
About GrECo
The GrECo Group offers its clients individual solutions in risk and insurance management and is the leading insurance broker & consultant for corporations, associations and authorities in CEE. GrECo was founded in 1925 and is an independent, family-owned company, with the family Neubrand holding 86.67% of the shares. The GrECo Group is headquartered in Vienna, Austria and employs more than 1,000 people in 60 offices. In 2020 the Group placed a premium volume of 871 million EUR and generated total consolidated revenues of 101 million EUR.
About MAI
MAI CEE Insurance Brokers Group was established in 1991 to bring international standards and a broad range of insurances to clients in the CEE, CIS and Caucases regions. MAI CEE has since grown considerably, gaining a presence in 26 countries in Central and Eastern Europe with 13 owned operations and 13 cooperation partners. In 2016 MAI CEE‘s shareholder structure changed following an MBO and the RMS Group, a leading Omani insurance broker, became the majority shareholder. The RMS Group operates throughout the Middle East and Indian Sub-Continent as well as through MAI CEE in CEE, CIS and Caucases.
Requests:
GrECo International Holding AG
Petra Steininger | Head of Group Communications
P: +43 50404 175 | +43 664 5485 558
MAI CEE Ltd.
Natalia Zaborovska | MAI CEE Group Network Director
P: + 61 44 777 9001 | +371 292 595 81
Dear Valued Partner,
We glad to share the information about the achievement of MAI CEE group company operating in Georgia. MAI Georgia was the insurance brokerage market leader in 2019, both in premiums and commissions terms.
MAI Georgia is the leading insurance broker on the Georgian insurance intermediation market, holding 39% of the intermediation commissions cashed at the market level in accordance with the data published by the Insurance Supervision service. In premiums terms, MAI Georgia accounts for 32% of the direct premiums and 61% of the reinsurance premiums intermediated in Georgia.
According to the data provided by the supervising authority, MAI Georgia held a similar position in the previous years with a market share of 42% in 2017 and 31% in 2018. MAI Georgia’s market share for the first half of 2020 maintained at similar levels.
The closest broker to MAI Georgia holds only 22% of the total market commissions. These two brokers together are controlling over 60% of the intermediation market, both in regards to the commissions.
Overall 16 insurance brokers registered in Georgia have mediated the direct insurance premiums of GEL 35.92 million and reinsurance premiums of GEL 18.41 million. In comparison with the total Gross Written premiums in the Georgian insurance market, mediated premiums still represent a rather low amount accounting for about 6%. However, it is worth mentioning that until a few years ago, the insurance distribution in Georgia was almost fully dominated by the insurance companies’ sales networks until the arrival of more western-style insurance companies made it possible for the development of the brokerage distribution model.
MAI CEE Insurance Brokers Group was established in 1991 to bring international standards and a broad range of insurances to clients in the CEE, CIS and Caucuses regions. MAI has since grown considerably, gaining a presence in 26 countries within the region. With an adept consideration for regional differences and established regional and international relationships, MAI is embarking on its next phase of development.
MAI entered Georgia in 2007 and still enjoys a unique position, being one of only two firms offering both insurance and reinsurance programs.
For more information please contact:
MAI Georgia: Levan Jishkariani
MAI CEE: Natalia Zaborovska
MAI CEE, the leading insurance broking group in Central and Eastern Europe, announced the company Insurance Broker Belopolis Plus LLC as new
cooperation Partner in Belarus effective 9th December 2019.
The company Insurance Broker Belopolis Plus LLC is a licensed corporate insurance broker in both P&C and EB, with a proven track record of results in broker services based on the performance of the team of industry professionals with more than 10-years insurance experience. The company started its activity in 2012 and in 2014 it was registered as an insurance broker and has grown its premiums portfolio from USD 0,75 million in 2015 to USD 2,5 million in 2019. Currently the company is in the top-5 among 32 brokers in Belarus. Belopolis team consists of 10 experts passionate about providing the best level of service and expertise possible at the market.
Piotr Cieslak, CEO of MAI CEE group, said: “We are proud to welcome this young and dynamic company into our group and looking forward for long-term cooperation. With our knowledge and experience in the region we can assist further grow of Belopolis even faster although they already doing excellent job.”
Pavel Malinovski, founder of Insurance Broker Belopolis Plus LLC, said: “We are really excited to join MAI CEE group especially as our companies share the same values. We hope that this collaboration enables both companies to expand joint business and deliver bespoke solutions to our clients and partners.”
MAI CEE is delighted to welcome the team of Insurance Broker Belopolis Plus LLC to join experienced MAI CEE team and we strongly believe that fits greatly into our organization.
Contact
Natalia Zaborovska
MAI CEE Group Network Director
Mob.: +37129259581
e-mail:
About MAI CEE
MAI CEE Insurance Brokers was established in 1991 to bring international standards and a broad range of insurances to clients in the CEE, CIS and Caucuses regions. MAI CEE has since grown considerably, gaining a presence in 26 countries in Central and Eastern Europe. In 2016 MAI CEE‘s shareholder structure changed following an MBO and the RMS Group, a leading Omani insurance broker, became the majority shareholder. The RMS Group operates throughout the Middle East and Indian Sub-Continent as well as through MAI CEE in CEE, CIS and Caucuses.
Board member of MAI Central and Eastern Europe Ltd (MAI CEE) Jan Stok has been elected as deputy chairman of the Board of the Association of Czech Insurance Brokers (ACIB) at the Annual Meeting of ACIB in Prague on December 3rd, 2019.
“It is an honor for me personally and also for the whole MAI CEE to be reelected for the 3rd term to the Board. I plan to continue contribute to the team work of the newly elected Board with my experience mainly in the field of legislation, implementation of Insurance Distribution Directive (IDD), GDPR and also in the field of international cooperation of ACIB.” Jan Stok said shortly after the elections.
Jan Stok gained his MBA degree at DePaul University Chicago. Since 2004 he has successfully run the MAI CEE Czech Republic and Slovakia. Jan Stok has been Member of MAI CEE Management Board for last 9 years and last 4 years he served as CEO of MAI CEE Group.
ACIB is a professional association of insurance brokers in the Czech Republic. The association was founded in 1994 and since 1998 ACIB is member of BIPAR (European federation of insurance intermediaries).
MAI Central and Eastern Europe is leading insurance broker in CEE region. MAI CEE operations cover a diverse region of 29 countries in and around CEE, for further information please visit MAI CEE website at www.mai-cee.com. MAI CEE is part of RMS Group of companies headquartered in Muscat, Oman with operations in Middle East and southern Asia.
Contact:
Natalia Zaborovska,
MAI CEE Group Network Director
Mob.: +37129259581
e-mail:
MAI CEE, the leading insurance broking group in Central and Eastern Europe, today announced the appointment of Piotr Cieslak as Group CEO.
The appointment is the next step in the planned growth strategy of MAI CEE and further expansion in the region. MAI CEE is an established and recognized provider of high-quality insurance, employee benefits and risk management solutions in the Eastern-European region.
Piotr Cieslak began his career as an insurance broker in 1996 at Sedgwick. Remaining with Marsh after the Sedgwick acquisition, Piotr later moved to JLT, dealing with both domestic and international clients. In 2002 Piotr joined MAI Poland and from 2008 has been a member of the MAI CEE Group Advisory Board. Since his appointment as CEO of the MAI CEE Poland operations in 2011, he has achieved significant growth establishing MAI CEE Poland at the forefront of the Polish insurance broking industry. Piotr holds a master’s degree having graduated from the Warsaw School of Economics.
Jan Stok has successfully completed his term as CEO leading MAI CEE through significant changes and will continue to be a valuable member of the Group Management Team concentrating on the Czech and Slovakia operations and strategic acquisitions.
David Street, Chairman of MAI CEE and CEO of the RMS Group said: “We very much appreciate Jan’s outstanding service as CEO through a complicated transitional phase for MAI CEE. While Jan has decided to step down as CEO, we are delighted that he will remain a part of the senior management team of MAI CEE Group. Moving forward, Piotr brings 23 years of experience across sales and management and will be developing and implementing our strategy on both international and domestic fronts to ensure delivery of quality services and profitable growth.”
“I am honored and excited to lead MAI CEE group. MAI CEE is truly a regional brand full of talented and loyal people. Our regional footprint includes strong positions in a number of markets and our focus will remain on serving consumers to deliver long-term growth and business value creation. I would like to extend my gratitude to Jan for his remarkable leadership of MAI CEE through a challenging transition and look forward to working closely with Jan during the years to come.” said Piotr Cieslak after his appointment.
“It has been an honor to lead MAI CEE group through four challenging years. I have been humbled by the commitment and hard work of our people and their passion for the work they do. I look forward to continuing this engagement with our employees and partners in a different capacity however the joy I experience is witnessing the continued growth and expansion of our Group” said Jan Stok.
MAI CEE, the leading insurance broker in Central and Eastern Europe, today announced the appointment of Ewelina Jaworska as group employee benefits leader, effective immediately.
Reporting to group network director Natalia Zaborovska, Jaworska will be responsible for growing MAI CEE’s employee benefits business across its operations in Central and Eastern Europe, while retaining her responsibilities as head of employee benefits in Poland.
The appointment is the second to date in the planned build-out of MAI CEE’s employee benefits capacity, one of the key divisions within the group in which MAI CEE has identified significant opportunities for growth. MAI CEE is an established provider of western-European standard, risk-based employee benefits cover in all 29 countries in Central and Eastern Europe.
Ewelina Jaworska began her career as an insurance broker in MAI CEE’s international division in 2005, having graduated from the University of Poznań with a master’s degree in Human Resources and Labour Economics. Since her appointment in 2007 as head of employee benefits in Poland, she has achieved double-digit growth in the segment year on year, making the Polish division one of the strongest performing by brokerage growth within MAI CEE.
Jan Stok, CEO of MAI CEE, said:
“We are in the process of a significant build-out of our business and have identified employee benefits as a key target area for expansion.
Ewelina joins to build on her significant achievements in growing our employee benefits practice in Poland. This is a key growth area for our business, as falling unemployment in the Czech Republic, Slovakia, Hungary, and Poland creates competition for labour and employee benefits programmes help employers attract the very best talent in the market.
Ewelina is a recognised leader in employee benefits in our region, and we look forward to welcoming her to the group leadership team.”
MAI CEE, the leading insurance broker in Central and Eastern Europe, will be attending the Baden-Baden Reinsurance Meetings on the 22th – 26th October in Baden-Baden. Our team is looking forward to meeting insurers, our broking partners and reinsurance companies from across the globe to discuss the latest developments in the insurance industry.
MAI CEE provides a broad range of re/insurance broking, claims adjusting, risk management and employee benefits services in all 29 countries of CEE.
MAI CEE provides consistent, high levels of service levels across the region from Albania to the Baltics and from the Czech Republic to Russia and Kazakhstan. MAI CEE is part of RMS Group and compliments its operations in the Middle East and South Asia.
To find out more about how our international expertise could benefit your business, please contact:
Levan Jishkariani
Director of MAI CEE Georgia
+995 577 464740
Jan Štok
CEO, MAI CEE
+420 775 556 911
MAI CEE, the leading insurance broker in Central and Eastern Europe, will be attending the FERMA European Risk Management Forum 2017 on the 15th – 18th October in Monte Carlo. Our team is looking forward to meeting insurers, our broking partners and clients from across the globe to discuss the latest developments in the insurance industry.
MAI CEE provides a broad range of re/insurance broking, claims adjusting, risk management and employee benefits services in all 29 countries of CEE.
MAI CEE provides consistent, high levels of service levels across the region from Albania to the Baltics and from the Czech Republic to Russia and Kazakhstan. MAI CEE is part of RMS Group and compliments its operations in the Middle East and South Asia.
To find out more about how our international expertise could benefit your business, please contact:
Ionel Cantaragiu
Director of MAI CEE Romania
+40 727 71 48 33
Jan Štok
CEO, MAI CEE
+420 775 556 911
MAI CEE, the leading insurance broker in Central and Eastern Europe, has made the first in a series of planned appointments to increase the firm’s 200-strong team by 12.5% as part of a major push into domestic markets.
Petr Antošík has joined MAI as an employee benefits broker from Marsh where, as senior client executive, he was responsible for generating new business and maintaining relationships with key insurers and clients. Previously he led the employee benefits practice of Mercer in the Czech Republic and has also held the position of corporate solutions business director at Amcico AIG Life.
MAI is an established provider of western-European standard, risk-based employee benefits cover in all 29 countries in Central and Eastern Europe.
Jan Stok, CEO of MAI said: “We are hiring 25 experienced professionals to expand our presence in domestic markets, and looking to engage broker teams.”
“Petr joins MAI to help capitalize on the opportunities created by the rapidly changing employee benefits market. Falling unemployment in the Czech Republic, Slovakia, Hungary, and Poland is creating competition for labour and employee benefits programmes help employers attract the best candidates. Petr is well known and respected in the Czech Republic and will help expand our EB capabilities there, as part of the wider push into Russia, Poland, Romania, Hungary, Ukraine and beyond.”
MAI CEE, the leading insurance broker in Central and Eastern Europe, will be attending the EXPO REAL TRADE FAIR between 4th – 6th October. We would be delighted to meet to discuss all insurance matters related to your real estate investments across Central and Eastern Europe.
MAI CEE provides a broad range of re/insurance broker, claims adjuster, risk management and employee benefits services in all 29 countries of CEE.
Our experts can assist with all commercial insurance products including specialty niche solutions such as legal indemnity, defective title, title to shares, W&I insurance and Surety bonds.
MAI CEE provides consistent, high levels of service levels across the region from Albania to the Baltics and from the Czech Republic to Russia and Kazakhstan. MAI CEE is part of RMS Group and compliments its operations in the Middle East and South Asia.
Please find us at City of Ostrava stand Hall C1 Booth 111 or at City of Budapest stand Hall A2 Booth 411.
To find out more about how our international expertise could benefit your business, please contact:
Zbyněk Buš
Director M&A and Real Estate Transactions, MAI CEE Czech Republic
+420 724 296 321
Timea Kazinczy
Head of Domestic Business, MAI CEE Hungary
+36 70 314 1249
Jan Štok
CEO, MAI CEE
+420 775 556 911
MAI CEE, the leading insurance broker of Central and Eastern Europe, has appointed Mr. Martin Tkac as the new managing director of MAI Slovakia effective July 1st, 2017.
Martin Tkac has extensive insurance carrier on the Slovak insurance market. His last position before movement to MAI CEE group was managing director of Renomia s.r.o. Please, find Martin’s short BIO as attached.
“I am delighted to welcome Martin to join our experienced MAI CEE team and I strongly believe he is a great fit for our organization. His 20 years’ experience and strong reputation will help MAI in the Slovakian market to develop new opportunities.” Jan Stok, CEO of MAI CEE said.
“I look forward to my new role and I believe within MAI CEE, which has over 25 years of experience of insurance broking in the region of Central and Eastern Europe, I can support their further growth in Slovakia and in the whole region. I look forward to working with this fast growing, truly multinational organization.” Martin Tkac commented after his appointment.
Martin Tkac is replacing Pavol Lim, who has been running MAI Slovakia since 2013. “I would like to thank Pavol for his work for MAI in Slovakia and wish him all best in his next career.” Jan Stok added.
MAI CEE was established in 1991 in Budapest has grown into the position of the leading insurance broker of Central and Eastern Europe. Group has 25 country offices including 12 integrated broker partners. MAI CEE owners as of 2016 are RMS group of companies in majority and management of the group.
If you have any questions please feel free to contact:
Jan Stok, CEO of MAI CEE group,
Martin Tkac graduated at the Business Management Faculty of the University of Economics in Bratislava. While studying he started his Insurance Intermediary career. Starting with a pure local Insurance Broker he was hired by the global giant Aon in 1999, where he became responsible for the international department.
Martin joined Marsh in 2008 leading a team whose role was to assure the service quality for large industrial customers.
Prior taking-over the responsibility for the MAI-CEE activities in Slovakia, Martin served as Branch Manager of RENOMIA, focusing on service delivery and business development in the Western part of Slovakia. Martin is experienced in satisfying the needs of various industries in non-life insurance and risk mitigation.
In addition to his native tongue he speaks English and German.
9th – 12th May. All eyes of those who are working in transport industry will be focused on Munich. There the largest and most influential transport and logistics fare will take place.
Once the conference will get in to gear, head to hall A4 booth 132. Our risk management experts will be ready to discuss insurance and loss prevention solutions to mitigate the risk and if you will have any particular cargo accident in might you will be able to discuss it with our lawyers. We will be ready to showcase you our on-line cargo insurance applications and other risk management solutions that can create added value for your customers.
The number of participants, the exhibition space and the level of internationality is growing. In 2015, 2,050 exhibitors from 62 countries, and 55,438 visitors from around the world came together in Munich. The trade fair has become the industry get-together for the world`s leading logistics, mobility, IT, and supply chain management providers.
We are looking forward to seeing you in Munich on 9th – 12th May at trade fair hall A4 stand 132.
MAI CEE, leading insurance broker of Central and Eastern Europe, has celebrated its 25th Anniversary in Prague, Czech Republic in July 2016. All MAI CEE country managers, senior employees and partners from the entire Central and Eastern Europe together with MAI CEE shareholders all traveled to Prague to celebrate this milestone Anniversary.
One of the many highlights during the party was to award 9 employees who have been working with the company for more than 15 years, a very special occasion.
“MAI CEE started its operation in 1991 in Budapest and since that time has provided professional insurance service to its customers across the CEE region and for this unique footprint and longstanding stability clients have relied on us and for this we are proud. We are also delighted to celebrate this Anniversary with our new shareholders from RMS, who together with us all look forward to the ongoing future development of MAI CEE.“ Jan Stok, CEO of MAI CEE stated during the celebration speeches.
Being established in 1991 in Hungary the group grew into the position of a leading insurance broker for all of Central and Eastern Europe with 25 country offices including 12 integrated broker partners.
MAI CEE, the leading insurance broker in Central and Eastern Europe, has been acquired by the RMS Group of Companies and by the management of MAI CEE with RMS Group becoming majority shareholder.
‘MAI CEE was searching for a strong independent shareholder able to support its further expansion within the CEE region and secure the position of MAI CEE as the leading independent broker in CEE, CIS and the Caucasus region. There are strong synergies between MAI CEE and the RMS Group in terms of territory, culture and product range’ said Jan Stok the recently appointed CEO of MAI CEE.
David Street, the Group Chief Executive of RMS, said ‘We are delighted to have acquired a majority interest in MAI CEE Insurance Brokers. The RMS Group already operates in South Asia and the Middle East through our brands Risk Management Services and Millennium. This acquisition greatly increases our territorial footprint in an area which we believe offers exciting development potential. By entering in to a joint venture with the senior managers of MAI CEE, we will offer continuity to our existing clients and the drive and enthusiasm to grow our business to new levels’.
MAI CEE was established in 1991 in Budapest and grew to the position of the leading insurance broker of Central and Eastern Europe. MAI CEE has 25 country offices including 12 integrated broker partners.
The RMS Group was established in 1979 with the formation of Risk Management Services LLC, the first insurance broker to be licensed in Oman. Risk Management Services remains the largest and foremost insurance broker in Oman. The Group has subsequently expanded into the Middle East and South Asia. The RMS Group is an insurance broker jointly owned by the Royal Oman Police Pension Fund, the MB Petroleum Group and the Zawawi Group.
If you have any questions please feel free to contact:
Jan Stok – CEO MAI CEE
David Street – Group CEO RMS Group
Dear business partners,
We would like to inform you that our company MAI INSURANCE BROKERS s.r.o. will change the seat with effect from 20. 4. 2016.
Our new address will be from the above mentioned date at:
Pod Parukářkou 39/4,
Prague 3, Žižkov, 130 00
The other company information (company registration number, vat number, the statutory authority) remain unchanged. Telephone and e-mail contacts remain the same.
From that date all new business correspondence, invoices, as well as other negotiations with our company, must reflect this change.
That’s why we would like to ask you to make a change of the company seat in your directories and use the new address for communication with our company. This amendment will be currently registered also in the commercial register.
We look forward to mutual cooperation in a new, pleasant place.
With the best regards,
Ing. Jan Štok, MBA
Managing Director of the company
CEO of MAI CEE Jan Stok has been reelected to the Board of the ACIB at the Annual Meeting of ACIB in Prague on December 2nd, 2015.
“It is an honor for me personally and also for the whole MAI CEE to be reelected. I plan to contribute to the team work of the newly elected Board with my experience mainly in the field of legislation and implementation of Insurance Distribution Directive (IDD) and also in the field of international cooperation of ACIB” – Jan Stok said shortly after the elections.
ACIB is a professional association of insurance brokers in the Czech Republic. The association was founded in 1994 and since 1998 ACIB is member of BIPAR (European federation of insurance intermediaries)
XPRIMM is the leading information portal for insurance and reinsurance in Central Europe. To read the interview click here: Baden interview.
To visit the XPRIMM website click here: XPRIMM
The Board of Directors of MAI Central and Eastern Europe Ltd (MAI CEE) is pleased to announce that it has appointed Mr. Jan Stok MBA as its new CEO, effective from today.
Jan Stok replaces Jeffrey Manners who is leaving the company in a move planned since the start of the year. Jan stated that “I would like to thank Jeffrey for all his dedication and hard work for MAI CEE over the past years and wish him all the best for the future”. Jeffrey Manners stated that “with a new investor coming in place of the current shareholder, I have completed my mandate and I would like to move on for a well-deserved rest and to have some time to pursue other interests. I can now do this knowing that I am leaving MAI in good hands”.
Since joining MAI CEE in 2002, Jan has successfully run the groups claims practice and the MAI CEE operations in the Czech Republic and Slovakia and has been a member of MAI CEE Management Board for the last 7 years. Jan Stok holds a master’s degree in International Business from the University of Economics in Prague and received his MBA from DePaul University of Chicago. He started his business career as an analyst at Czech Export Bank in 1998 and moved into insurance to work for the boutique surety broker TR Structured Finance in 2001. His hobbies include sport and music. Jan is fluent in Czech and English and competent in German, Polish and Russian.
Jan has stated that his immediate focus is to ensure the seamless transition of investors, with a priority on leading the company’s client focus and product delivery to ensure profitable growth and expansion in the region. Jan stated that he is excited to lead MAI CEE into a new period of investment that will see us strengthen our footprint in established markets, as well entering new markets to better enable the company to serve its clients.
Founded 24 years ago in Budapest, MAI Central and Eastern Europe has grown into a leading insurance broker in the CEE region. MAI CEE operations cover a diverse region of 29 countries in and around CEE and Central Asia covering a population of over three hundred million people.