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International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 07:02

Vienna Insurance Group cleared to buy BTA

BC, Vilnius, 19.08.2016.Print version
Austria's Vienna Insurance Group (VIG), one of the biggest European insurers, has been cleared to buy Latvia's BTA Baltic Insurance Company (BTA), however, will have to sell international carrier insurance in exchange, reports LETA/BNS.

Lithuania's Competition Council on Thursday gave a green light to VIG purchase of a 100% stake in BTA, on a condition that VIG will have to sell its operations of international carrier insurance.


Via insurance companies Compensa Vienna Insurance Group and the Lithuanian branch of Baltikums Vienna Insurance Group, VIG operates in non-life insurance, operating in life insurance via the Lithuanian subsidiary of Compensa Life Vienna Insurance Group SE. In Lithuania, BTA operates in the non-life insurance sector.


The deal was announced last December. VIG board member Franz Fuchs in charge of the Baltic market then said that the deal was intended to further develop the operations in the three Baltic states.


VIG owns 50 companies in 25 countries and employs a workforce of 23,000 .

 






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