 | Balta was established on January 28, 1992, almost in tandem with the Latvian insurance market as such. During the subsequent years, Balta has gained a great deal of experience with client services. We have introduced modern technologies and strengthened our positions at the top of the market. Balta remains the largest risk or non-life insurer in Latvia. Key events in the history of AAS Balta
2006
- The AAS Balta brand was changed to award it a new philosophy.
- Centralisation of claims was begun – a process that is to be completed during the first half of 2007. A new Claims Centre was opened in Rīga.
- Several strategic projects under the name “Silverstones” were launched to improve the culture of the organisation, the process of insurance, and the way in which services are provided to clients. These projects involved AAS Balta employees from various levels, including management. Consultants were brought in from the parent organisation, Codan AS.
2005- AAS Balta completed the year with good financial indicators despite heavy losses after the windstorms which occurred at the beginning of the year, as well as losses related to four major insurance events which led to the payout of nearly LVL 3 million in compensation in a short period of time.
- Balta’s gross insurance premiums reached a level of LVL 32.64 million in 2005 – 18.4% more than in 2004. Gross compensation increased by 42% over 2004 – LVL 16.23 million.
- The TIA insurance IT system was introduced.
2004- A new law on mandatory civil liability insurance for motor vehicle owners (OCTA) took effect, and Balta reviewed its offer of OCTA as a result of this. Clients have access to a flexible system of discounts based on each client’s driving experience and insurance history.
- The process of insurance compensation was improved so as to reduce relevant costs and the amount of time needed for repairs.
- The most important and costly project was the introduction of the TIA insurance IT system. The first round was installed over the course of the year, and the work will continue until the beginning of 2006. Once the system is in place, AAS Balta will be able to make the insurance process far more effective.
2003- Work optimisation was successfully completed, and BALTA clients now receive compensation two times more quickly than before.
- Management of the company was taken over by a team of experienced professionals, and BALTA achieved profits on the year of LVL 1.3 million.
- A new business IT system project was launched so as to improve the quality of client services, as well as the ability of the company to offer individually adapted services.
2002- New technologies were introduced at Balta, and Western insurance practices were taken over from shareholders.
- Balta strengthened its leadership in the most popular insurance services in Latvia – property insurance, motor vehicle insurance and compulsory insurance.
2001- At the beginning of the year, the Danish insurance company Codan, which is part of the largest British insurance group, Royal & SunAlliance, purchased 73.5% of capital shares in BALTA.
- Codan offered to buy back the shares of small shareholders, thus receiving 99.33% of shares.
- On September 1, AG BALTA became a full member of the Royal & SunAlliance global network, which offered new opportunities to receive technologies and to improve client services.
- The European Bank for Reconstruction and Development (EBRD) And the Danish Investment Fund for Central and Eastern Europe (IO Fund) bought 24% of BALTA shares each from Codan. This completed the process of attracting new shareholders.
2000- At the beginning of the year, BALTA was one of only three companies floated on the Rīga Stock Exchange to be on the joint list of the Baltic Stock Exchange, where the shares of 13 leading Baltic companies are bought and sold.
- At the beginning of the year, BALTA sold its 50% of shares in AAS Parekss Apdrošināšanas Kompānija to Baltic Polis of Lithuania.
1999- BALTA bought 95% of shares in LATVA and 90.4% of shares in AAS Rīgas Apdrošināšanas Biedrība, thus completing the establishment of a group to offer a wide spectrum of insurance services in Latvia. AG BALTA became the Latvian market leader in the insurance market, controlling 25% of non-life and 15% of the life insurance market.
- Balta bought 98% of shares in AAS Saules Laiks.
1998- On December 15, Balta bought 50% of the shares in the Lithuanian insurance company Baltic Polis.
- BALTA and LATVA worked together to offer services to their existing clients.
1997- The first public emission of BALTA shares was conducted at the Rīga Stock Exchange.
- Privatisation of the state-owned life insurance company LATVA began, and in an auction organised by the Privatisation Agency, BALTA purchased 38.5% of LATVA shares, thus becoming its strategic investor. The two companies began to establish an insurance group.
1996- BALTA increased its equity capital to LVL 3 million. The US investment company New Century Holding and its subsidiaries became important BALTA shareholders.
1995- Balta continued to firm up its market leadership positions and its client numbers.
1994- On April 1, BALTA took over all of the risk insurance clients of the state-owned insurance company LATVA, as well as all related client obligations. LATVA continued to work in the life insurance segment.
- BALTA became the largest insurance company in Latvia in terms of premiums and the largest in the Baltic States in terms of paid equity capital.
1993- Rapid BALTA growth continued. Clients were offered new insurance services which are everyday services today.
1992- AAS BALTA was established on January 28 and registered with the Company Register of the Republic of Latvia.
- AAS Rīgas Apdrošināšanas Sabiedrība was established on December 3.
1991- Latvia’s first insurance company – the state-owned insurance company LATVA – was re-established. Its origins dated back to 1940, when the Latvian SSR established its Insurance Board. Until 1991, it was the only insurance company in Latvia.
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