 | The insurance company Balta is one of the largest and most experienced insurers in Latvia.
The nucleus of the group is the joint stock insurance company established in 1992 (AAS) Balta, which already in the first year of its operations became one of the most noteworthy Latvian insurance companies. Also at present it is the largest insurance company in Latvia whose client range exceeds 500 000 private and corporate clients. Our clients are such big Latvian companies as Latvenergo, Latvian Shipping Company, the Central Bank of Latvia, Grindex, Latvian Plywood, Rigas Miesnieks, Skonto and others.
Insurance services to the clients are provided by 35 Balta’s branch offices, more than 700 agents and 500 full-time staff, as well as policy sales points in banks, petrol filling stations, supermarkets, border points and other sites.
Balta applies West-European insurance technologies and, in addition to the conventional services, offers up-to-date, Western standard insurance terms and conditions, which are adapted for Latvian environment and client needs.
The underlying principles of our client service are professional attitude in cooperation with any of the clients, widely accessible, client-friendly range of services and dynamic approach.
In its business, our group pays great attention to establishing a wide reinsurance program, which comprises all insurance classes. Balta, thinking of its risk lowering, firm’s stability and client safety, reinsures the concluded contracts in the largest reinsurance companies - General&Cologne Re, Swiss Re, Lloyd's, and others.
From the very first day, Balta works in compliance with the accounting standards applied in the EU countries, and the company’s annual reports are audited by international audit companies.
Since 1992, the company’s share capital was increased for several times, and currently the shareholders’ equity is LVL 8 million. The major AAS Balta shareholder is the Danish insurer Codan (99.98%), .
Codan is a group company of the UK leading insurance group Royal & SunAlliance, and thus Balta has become a full-fledged member of the Royal & SunAlliance global network. This gives a possibility to use up-to-date, world-practice proven solutions, which ensure client servicing in accordance with the highest standards.
A significant guarantee of the insurance company’s safety and stability is its reinsurance policy, which provides protection in case of such insured occurrences which involve expensive claims and may cause financial instability or large technical result fluctuations.
Balta realizes a unified, conservative and statutory reinsurance program. Thanks to the capital at the insurance group’s disposal and the increase of insurance reserves, in 2000 a new reinsurance conception was applied, which allowed to considerably decrease the amount of financing used for reinsurance.
In the reinsurance sphere, Balta cooperates with the world’s largest and most stable reinsurance companies: General&Cologne Re, Swiss Re, Lloyd's, Munich Re.
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