Baltikums AAS sold to Vienna Insurance Group
BBG AS, Baltikums Bank AS and two private individuals have signed an agreement with Vienna Insurance Group for sale of 100% shares in Baltikums AAS, a provider of non-life insurance services in Latvia, Lithuania and Estonia.
The transaction is subject to regulatory approvals. Financial details of the transaction were not disclosed.
Baltikums AAS is a non-life insurer with an 8 percent market share, making it 6th largest player in the Latvian insurance market. The company also operates in Lithuania and Estonia. In 2014, the company generated premiums of more than EUR 20 million. Among others, its product portfolio includes motor and liability insurance, health and travel insurance. Products are sold through own sales staff as well as through a large network of brokers and agents. Baltikums AAS currently employs about 250 people.
Vienna Insurance Group is a leading insurance specialist in Austria as well as in Central and Eastern Europe. About 50 companies in 25 countries form a group with a long-standing tradition, strong brands and close customer relations. Vienna Insurance Group looks back on 190 years of experience in the insurance business. With about 23,000 employees, the company is a clear market leader in its core markets. The acquisition of Baltikums AAS makes Vienna Insurance Group one of the top 5 insurance companies in Latvia.
Superia Corporate Finance acted as the sole financial advisor to the vendors in the transaction.