EU – Baltic States, Financial Services, Insurance, Latvia, Legislation, Mergers and take-overs

"Over the last five years, VIG's annual growth in the Baltic insurance market has been 30% on the average. Acquisition of Baltikums enables us to proceed with the group's development. We will use the potential of the market and continue consolidating our market positions," said Peter Hagen, General Manager of VIG.

Baltikums is a non-life insurance company that has 8% market share in Latvia. It is among the top six companies on Latvia's insurance market. The company also has subsidiaries in Lithuania and Estonia. In 2014, the company signed insurance premiums in the amount of more than EUR 20 million.

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