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Monday, 29.04.2024, 17:07
Estonian regulator clears Vienna Insurance to buy controlling stake in BTA Baltic
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The purchase and sale agreement was signed at the end of last year and it requires the approval of regulators in all the three Baltic countries.
"We are pleased that the Austrian insurer VIG has decided to invest into BTA Baltic, which will provide us new development opportunities and an international experience in the use of insurance services in the Baltic countries," Janis Lucaus, chairman of the board of BTA, said.
He said the BTA brand and its values will remain.
BTA has a market share of about 20% in Latvia, where it is the second-largest insurer on the non-life market. It is also the second-largest non-life insurer in Lithuania, with a market share of around 14%. BTA Baltic is Estonia's seventh-biggest insurance company, with a market share of about 6%. Through the acquisition of BTA Baltic VIG will become one of the top three insurers in the non-life market of the Baltic States.
BTA was advised by KPMG Corporate Finance and law firm Vilgerts in the transaction.
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