Vienna Insurance Group AG (hereinafter – VIG) strengthens its positions on the Baltic market by merging InterRisk Vienna Insurance Group (hereinafter – InterRisk) into BTA Baltic Insurance Company (hereinafter – BTA).
“Owing to teamwork and successful implementation of the selected strategy, we succeed in achieving yet better results. It is also recognized by our largest shareholder – VIG. The merger with InterRisk will make us the Baltic market leaders with the broadest network of partners and customer service centres in the entire Baltic region, with more than 1300 employees on our staff. We are also going to retain our activity in improving digitalization processes, thus keeping our focus on customer service quality to clearly highlight our new identity 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,” emphasizes Jānis Lucaus, 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 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. Furthermore, the merger process will be carried out in accordance with the Decision No 1S-97 (2016) of 18 August 2016 of the Competition Council of the Republic of Lithuania (“LCC”) concerning VIG acquisition of holding in BTA. The merger will be fully completed only after implementation process of the commitments to be performed under the supervision of the LCC and in accordance with the above Decision is closed.
After the merger of InterRisk, BTA will retain its current company name, brand and the new visual 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. About 50 companies in 25 countries constitute this group, it employs more than 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
Phone: +371 66936074, mobile: +371 29374827