BTA Baltic Insurance Company AAS (BTA) has increased its share capital by 10 million euros, becoming the leading insurance company in Latvia also by the size of its own funds. After the share capital increase, BTA’s solvency ratio has increased by 10 percentage points thus reaching 129%
In the first nine months of 2017, the volume of gross insurance premiums written by BTA in the entire Baltic region increased by 22%, which can be regarded a great leap forward in the tight insurance market. With this share capital increase, BTA has duly prepared itself for further development and is going to comply with the solvency capital requirement even in a case of yet faster business expansion. The effective regulatory framework requires the ratio of a company’s own funds and solvency capital requirement to be 100% or higher.
“BTA considerably exceeds the solvency ratio requirement – by solid 19 percentage points. Nevertheless, observing this year’s growth and being aware of their ambition for further growth, the shareholders decided to increase the share capital. Now we are in yet better position to take care of the financial stability of our customers,” says BTA Management Board Chairman Jānis Lucaus.
Due to the stability of BTA’s majority shareholder Vienna Insurance Group, BTA has managed to regularly increase its share capital and improve its solvency ratio. Thus, the company is able to guarantee that all its customers will receive the insurance indemnities due to them.
BTA Baltic Insurance Company is a major insurance company in the Baltic States, offering the broadest range of non-life insurance services in Latvia, Lithuania and Estonia. The largest shareholder of BTA is Vienna Insurance Group AG, one of the leading insurers in Europe with 190 years of experience in the insurance field. More than 50 companies in 25 countries constitute the group, which employs 24,000 employees. Vienna Insurance Group AG is a clear leader in its core markets in Europe maintaining high rating of financial stability – Standard & Poor’s A+ (stable outlook), with a listing on the Vienna and the Prague Stock Exchange.
Marketing and Public Relations Department Director
BTA Baltic Insurance Company AAS