Financial Services, Insurance, Latvia, Markets and Companies

The insurance company’s marketing head Liene Brunzete told LETA that the new name was chosen in order to strengthen the insurer’s position in the Latvian and Baltic market.

The company’s visual makeover is due to begin at all branch offices across Latvia in April. After the name-change, the company will carry on with its operations as usual.

The company’s CEO Eduards Reinicans voiced confidence that the launch of the new brand will start a new phase in the company’s development. “We believe that our clients will appreciate all the advantages provided by the international insurance group, like the highest service standards and the launch of new insurance services,” he said. Reinicans also noted that the company wants to be closer to its clients and develop higher-quality relations with them.

The insurer said that all the existing agreements concluded between Baltikums Vienna Insurance Group and its clients remain valid. The company’s registration number, bank requisites and legal address also remain the same.

According to preliminary data released by the company, Baltikums Vienna Insurance Group closed 2016 with a EUR 1.478 mln loss, which grew 52.7% against 2015.

In 2016, Baltikums Vienna Insurance Group wrote EUR 23.464 mln worth of premiums and paid EUR 17.194 mln in indemnities. In Latvia, the company’s gross premiums totaled EUR 20.498 mln and indemnities came to EUR 16.66 mln last year.

As reported, Austria’s Vienna Insurance Group acquired Latvia’s Baltikums insurance company in the fall of 2015 and in December 2015 renamed the company to Baltikums Vienna Insurance Group.