As we already announced in August this year, Vienna Insurance Group AG (VIG) strengthens its positions on the Baltic market by merging InterRisk Vienna Insurance Group (InterRisk) into BTA Baltic Insurance Company (BTA). All insurance industry supervisor’s requirements for merging InterRisk into BTA have been now met, and the reorganization process is to be completed by the end of this year.
The Financial and Capital Market Commission (FCMC) has granted permission for transferring the insurance contracts of InterRisk to BTA. The announcement of InterRisk of the transfer of insurance contracts, published on the FCMC’s website is available here.
“The acquisition of InterRisk will make us the Baltic market leader with the broadest network of partners and customer service centres in the entire Baltic region. We are also going to retain our activity in improving digitalization processes, thus keeping our focus on customer service quality to clearly highlight our values – accessibility, humanity and credibility. Our customers will be the ones to benefit most, as they are going to be furnished the best insurance services – high quality at the possibly best available price,” says Jānis Lucaus, the Chairman of the Management Board of BTA.
Merger of InterRisk entails joining the InterRisk Latvian business and infrastructure to BTA Latvia, and joining the Lithuanian branch of InterRisk to the Lithuanian branch of BTA. This process will be carried out in line with legal requirements and under the supervision of the Financial and Capital Market Commission without causing any inconvenience to or imposing additional duties on InterRisk customers and business partners. The current insurance and cooperation contracts of InterRisk will remain in effect with BTA, as commitments will be taken over by the assignee, which means that the current rights and obligations of InterRisk with respect to the Baltic States markets will pass over to BTA.
After the merger of InterRisk, BTA will retain its current company name, brand and identity, carrying on its current business strategy, strengthening its market positions and sustaining its development and profitability on the long run.
BTA Baltic Insurance Company AAS is the major insurance company in the Baltic States, providing the broadest range of non-life insurance services in Latvia, Lithuania and Estonia. On 24 August 2016, Vienna Insurance Group AG, a leading insurer in Europe, became the biggest shareholder of the company by obtaining 90 % of the company’s shares. 10 % of the company’s shares belong to Balcia Insurance SE.
InterRisk Vienna Insurance Group AAS (previously Baltikums AAS and Baltikums Vienna Insurance Group AAS) provides its customers with integrated non-life insurance services in Latvia and Lithuania, and provides insurance services in Estonia under the principle of freedom to provide services. The sole shareholder of the company is Vienna Insurance Group AG.
Vienna Insurance Group AG has 190 year experience in the insurance field. More than 50 companies in 25 countries constitute this group, it employs 24,000 employees and is a clear leader in its markets in Europe, having a high financial strength rating — Standard & Poor’s A+ (stable outlook), and listing on stock exchanges of Vienna and Prague.
Marketing and Public Relations Department Director
BTA Baltic Insurance Company AAS