EU – Baltic States, Financial Services, Insurance, Latvia, Legislation

International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 06:07

New Polish members in Balta’s management board in Latvia

BC, Riga, 16.10.2014.Print version
Latvian Financial and Capital Market Commission approved new persons joining Management Board of Balta, leader of Latvian insurance market: Mr.Bogdan Benczak, who will be the new CEO of Balta, and Mr. Rafał Rybkowski – the new CFO.

On 22nd October 2014 the supervisory board of Balta will formally appoint  these new Board Members.

 

On 14th October 2014 Mr. Sandis Šteins (CEO), Ms. Līga Abramoviča (CFO) and Mr. Juozas Buitkus resigned from the Management Board. Mr. Šteins and Mr. Buitkus will leave Balta, and Ms. Abramoviča will continue working in Balta as Financial Director.

 

Development in Baltic countries realizes expansion strategy of PZU Group. PZU closed the transaction to acquire the shares of Balta at the end of June. On 15th of September PZU SA closed purchasing transaction regarding Link4, the leader of Poland’s direct insurance market. The agreement of 17 April 2014 anticipates that PZU SA will also acquire from RSA Codan Forsikring A/S, the company’s Estonian branch and Lietuvos Draudimas, Lithuanian insurance leader.

 

The total value of the acquisition of RSA’s companies operating in the Baltic States and Poland is approximately 360 million EUR. PZU’s international expansion is one of the key elements of the Group’s strategy.

 

 

The PZU Group is one of the oldest and largest insurance groups in Poland in terms of written premiums, according to the PFSA, with a broad range of insurance and financial products. The PZU brand is one of the best recognized brands in Poland according to a survey conducted by GFK Polonia (an independent market research institute) in June 2013, which found that spontaneous brand awareness was 86%, while aided – 100%. Among Polish insurance companies, the PZU Group also has the most extensive network of sales and service outlets.






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