LATVIA: Vienna Insurance Group acquires 100% of BTA market leader

3 November 2020 — Cosmin CONCEATU
Vienna Insurance Group AG (VIG), has become 100% owner of BTA Baltic Insurance Company AAS (BTA) shares, the insurance market leader of Latvia.

"Seeing the positive tendencies and perspectives in the Baltic insurance market, VIG decided to acquire 100% of BTA shares in order to strengthen its position. With this decision, VIG acquires full control over BTA's operations throughout the Baltics," BTA mentioned in a recent press release.

BTA was born in 1993 and it is currently one of the largest companies operating in the Baltic region, with nearly 1,000 employees. At the end of June 2020, for 6 months ended, the company was positioned first on the local insurers ranking, with a total GWP of EUR 107 million coming from non-life insurance activities.

VIG became the largest shareholder of the company in 2016, by obtaining 90% shares in the company. 10% of the company's shares were owned up until recently by Balcia Insurance SE.

Source: bta.lv

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