BALTA INSURANCE GROUP (EQUITY)
Insurance, Pension, Mutual Funds
26 Jun 2001
29 Jun 2001
The EBRD proposes to acquire approximately 24 per cent of the share capital in Balta, Latvia from Codan a leading Danish insurance company and subsidiary of Royal & SunAlliance of the United Kingdom, following Codan’s recent acquisition of approximately 99 per cent of Balta. The Danish IØ Fund will also acquire approximately 17 per cent of Balta from Codan.
The investment will support the development of the Latvian insurance market and will contribute to the strengthening of the local capital markets.
The project will bring in foreign know-how as Codan will introduce a comprehensive range of training programmes for local staff and increased product knowledge. Codan will also bring much-needed credibility through its high professional standards to an industry that has seen little foreign ownership to date. The project will also bring a greater emphasis on commercial insurance and thus to the provision of enhanced insurance products for companies and particularly small and medium-sized enterprises (SMEs).
Balta insurance group is a Latvian non-life and life insurance provider consisting of three companies: Balta, Latva and Rigas Apdrosinasanas Sabiedriba (RAS). Balta is the largest insurance group in Latvia and one of the largest insurers in the Baltics with a 21 per cent market share of the Latvian non-life insurance market and 29 per cent of the life assurance market.
Acquisition of approximately 24 per cent of the share capital of Balta for approximately LVL 5 million (€9.1 million).
Approximately LVL 20 million ( €36.4 million)
Balta will conduct its insurance and asset management operations in accordance with the EBRD’s Environmental Guidelines for the Insurance Sector.
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