Project number:


Business sector:

Insurance, Pension, Mutual Funds

Notice type:


Environmental category:


Approval date:

26 Jun 2001



PSD disclosed:

29 Jun 2001

Project Description

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.

Transition Impact

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).

The Client

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.

EBRD Finance

Acquisition of approximately 24 per cent of the share capital of Balta for approximately LVL 5 million (€9.1 million).

Project Cost

Approximately LVL 20 million ( €36.4 million)

Environmental Impact

Balta will conduct its insurance and asset management operations in accordance with the EBRD’s Environmental Guidelines for the Insurance Sector.

Technical Cooperation


Company Contact


Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.

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