The transaction between BTA Insurance Company SE and Vienna Insurance Group AG on the purchase of 90 % BTA Baltic Insurance Company shares is finalized
Having acquired the necessary approvals from the supervisory institutions in Latvia, Lithuania and Estonia, changes in the composition of shareholders of BTA Baltic Insurance Company (hereinafter - BTA) were registered on 24th August of this year. The registration of these changes completes the transaction thereby expanding BTA’s shareholder base by Vienna Insurance Group AG (hereinafter - VIG) joining in, who has acquired 90% of BTA shares.
The expansion of the shareholder base has not affected the composition of BTA’s board of directors. The company continues to carry on its development on the Baltic market, retaining quick decision making process, providing the same broad range of insurance products and keeping the BTA brand so highly recognized by customers.
“The financial results of BTA for 2015 and 1st half a year of 2016 confirm that our current corporate strategy has been a success. Proceeding with the company’s development in the Baltic States, attraction of an investor will provide an opportunity for us to improve our business with large corporate customers and international business parrtners. The high international credit rating of VIG (A+) as well as its international experience in the insurance field will bring a considerable added value to the growth of BTA, and thus this transaction is going to benefit our company and its staff, as well as our customers and business partners,” says Jānis Lucaus, the Chairman of the Board of BTA.
According to Franz Fuchs, Member of VIG Managing Board, responsible for the Baltic markets, this is a very important step for VIG strategic development in the Baltic States: “The Baltic States are one of the most interesting and fastest growing markets within the European Union. For quite a time we already are active in the Baltic States, and we believe there is development potential here. By investing our financial resources as well as knowledge in BTA, we aim yet to reinforce the BTA’s position on the market by developing its customer service and furnishing a broader range of products. I believe that together with the current management team, with their expertise of the local market, we will succeed to become the insurance leader in Latvia and the Baltic region.”
BTA Insurance Company AAS (BTA) started its operation in the Baltic States as of 1 July 2015 after a successfully completed reorganization of BTA Insurance Company SE. BTA provides its customers with all types of non-life insurance services in the Baltic States – Latvia, Lithuania, and Estonia.
In the first six months of 2016, the amount of gross insurance premiums written by BTA for the Baltic States together was 65.1 million euros, by 11.5 % more than that in the first six months of 2015. BTA has disbursed 38.2 million euros as gross claims paid in the first six months of 2016, an increase by 9.2 % as to that period a year ago. The profit of BTA for the first six months of 2016 has reached 2.6 million euros.
The Vienna Insurance Group AG (VIG) is a leading insurance group in Austria, as well as Central and Eastern Europe. Around 50 insurance companies in 25 countries constitute the group that possesses a solid brand, 190 year long experience in insurance and strong customer relationships. VIG employs approximately 23,000 people and is a clear leader in its core markets. VIG maintains the best rating of all companies in the ATX, the leading index of the Vienna Stock Exchange, with a secondary listing on the Prague Stock Exchange. Acquiring the shares of BTA will make VIG one of the three largest non-life insurers on the Baltic market.
Public Relations Manager
AAS BTA Baltic Insurance Company
Phone 67025661, mobile phone 27828796