OREANDA-NEWS. July 04, 2011. Transaction as a result of which BBG has gained control over the insurance company Baltikums has been completed. Baltikums Bank AS, which is controlled by BBG, owns 49% of shares of Baltikums; but 2% of shares BBG has purchased directly, reported the press-centre of Baltikums.

The shares will be purchased from four legal entities that are related to the Baltikums group. BBG holds more than 50% of the insurance company’s capital. Financial and Capital Market Commission has approved the aforementioned transaction.

BBG looks to consolidate 100% of shares in the insurance company and plans to attract a strategic investor to the insurance company; thus, expanding the scope and quality of the services provided.

Insurance company Baltikums has finished financial year 2010 with profit of LVL 266,320, and in the first quarter of 2011 the company is one of two insurers operating with profit. Regardless of the excellent financial indices, shareholders of the company actively work on attraction of a strong strategic investor, which will provide new quality in the development of the company.

BBG operates in 6 countries and employs more than 250 people. The group provides asset management, private capital management, banking, investment, trust management, consulting, and insurance services to private, corporate, and institutional customers through its network of companies, representative offices, and branches.

Insurance company Baltikums offers to its customers integrated insurance services. Baltikums has 18 licenses for provision of insurance services, covering all demanded insurance products in the market of Latvia.

Baltikums is a contemporary insurance company currently undergoing dynamic development, with 243 employees and 1208 insurance agents. The company has 60 customer service centers in 38 cities of Latvia and 2 customer service centers outside Latvia – in Tallinn and Vilnius.