Competition Authority clears Austrian insurer’s bid for controlling stake in BTA Baltic
The Estonian Competition Authority cleared the Vienna Insurance Group’s bid to buy a majority stake in BTA Baltic, the seventh biggest insurer in the country with a market share of 6%.
The agreement was signed at the end of last year, but required the approval of regulators in all the three Baltic countries.
“We're pleased that the Austrian insurer VIG has decided to invest in BTA Baltic, which will provide us new with development opportunities and international experience,” Janis Lucaus, Chairman of the Board of BTA, said.
BTA has a market share of about 20% in Latvia, where it is the second-largest insurer in the non-life market. It is also the second-largest non-life insurer in Lithuania with a market share of around 14%. Through the acquisition of BTA Baltic, the Vienna Insurance Group will become one of the top three insurers in the non-life market in the Baltic states.