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Austrian Vienna Insurance Group bought Latvian Baltikums

30. July 2015

Vienna Insurance Group (VIG) has signed an agreement to purchase 100 % of Latvian insurance company Baltikums AAS.

Vienna Insurance Group is one of the largest international insurance groups in Central and Eastern Europe with approximately 23,000 employees. VIG´s annual growth in the Baltic insurance market has been 30% on the average in the last five years.

 

Baltikums AAS is a non-life insurance company that has 8% market share in Latvia and subsidiaries in Lithuania and Estonia. In 2014 the company signed insurance premiums in the amount of more than EUR 20 million.

 

Currently Vienna Insurance Group is represented in Latvia by the life insurance company Compensa Life Vienna Insurance Group SE and non-life insurance services are offered by the company Compensa. After acquiring of Baltikums AAS VIG will become one of the leading insurers in Latvia.

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