Austrian insurer expands in Latvia

Vienna Insurance Group (VIG) has bought 90% of the BTA Baltic Insurance Company shares, with the right to buy the remainder over the next six years, VIG board member Franz Fuchs told the Dienas Bizness business daily Monday.

VIG has already acquired Baltikums and BTA, and is currently the second largest insurer in the still-developing Baltic insurance market.

Fuchs told Dienas Bizness that with the new acquisition, the bulk of VIG's Baltic business is now in Riga.

Even though the deal had been announced last December, it had been unclear how many shares of BTA were acquired.

In summer 2015, VIG bought the non-life insurer Baltikums. 

VIG is already present in the Latvian market with its life insurance company Compensa Life and the non-life insurer Baltikums, which VIG bought in summer 2015.

The purchases follow a summer 2015 acquisition by VIG of Lithuanian insurer Finsaltas, signalling its intention of taking a larger share of the still-developing Baltic insurance market.

According to LETA, the BTA Baltic Insurance Company that took over the Baltic business portfolio as its parent company BTA Insurance Company SE was restructured, posted €4.2m in audited gross profit and €3.67m in net profit during the second half of 2015.

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