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“We know this market, so we decided to grow fast. Now we have Baltikums and BTA, and together we are in a clear second position in the Baltic market after PZU, which is a clear leader in the region after the acquisition of RSA’s assets,” said Fuhs.
Asked whether the Baltic business center will be Riga, Fuhs admits that after the acquisition of BTA, the largest part of VIG’s business is in Riga.
As reported, last December it was announced that VIG will become the majority shareholder of BTA Baltic Insurance Company. A specific number of shares to be acquired by VIG was not disclosed at that time.
The Financial and Capital Market Commission has given permission to Vienna Insurance Group AG Wiener Versicherung Gruppe to acquire a significant stake in BTA Baltic Insurance Company, confirmed the commission’s public relations specialist Agnese Līcīte.
In 2015, VIG acquired the insurance company AS Baltikums in Latvia. Companies acquired in accordance with the VIG strategy continue to operate under the previous name after the change of ownership, with the addition of a VIG reference. VIG in Latvia already works with two brands – “Baltikums” in non-life insurance and “Compensa” in both non-life insurance and life insurance.
VIG is the leading insurance group in Austria, as well as in Central and Eastern Europe. The group consists of about 50 companies in 25 countries. VIG shares are listed on the Vienna Stock Exchange and the Prague Stock Exchange.
Prior to the transaction with VIG, the sole shareholder of BTA Baltic Insurance Company was BTA Insurance Company SE.
BTA Baltic Insurance Company started operations on July 1, 2015 after the reorganization of the parent company BTA Insurance Company SE, taking over the business portfolio of the Baltic States. The audited pre-tax profit of BTA Baltic Insurance Company last year was 4.2 million euros, but the net profit was 3.67 million euros.
From 1 July to 31 December 2015, BTA Baltic Insurance Company wrote gross insurance premiums in the amount of EUR 55.7 million in accordance with the audited financial results. The amount of gross insurance claims paid by BTA Baltic Insurance Company last year was 35.6 million euros.
Gints Dandzbergs (from 20% to 33%) and Pauls Dandzbergs (from 20% to 33%) have significant holdings in BTA Insurance Company.
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