VIG merges Baltic subsidiaries to offer stronger unified brand
Vienna Insurance Group (VIG) has merged its Baltic states subsidiaries InterRisk and BTA Baltic Insurance Company to strengthen its market position in the region.
VIG acquired a majority interest in BTA Baltic, one of the biggest players in the non-life insurance market, in 2016. The merger enables the company to take advantage of synergies and further improves its competitiveness, it said.
All the businesses will now use the common brand BTA Baltic.
BTA and InterRisk both have their headquarters in Riga, Latvia. BTA has branch offices in Lithuania and Estonia, and InterRisk has in Lithuania, its products are offered through brokers in Estonia.
VIG is also represented by two other companies in the Baltic States, Compensa for non-life insurance and Compensa Life for life insurance. All the Baltic VIG companies generated a premium volume of around €240 million in the first nine months of 2017.
The company also signed a purchase agreement to acquire Seesam Insurance on 18 December 2017. The local authorities have not yet approved the purchase.
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