Several years back we have parted our activities in Western Europe from our activities in the Baltic countries and established a subsidiary company BTA Baltic Insurance Company in order to develop our business locally. Last summer the majority (90%) of shares of the company were sold to Vienna Insurance Group AG (VIG), one of the largest insurance companies in Europe.
In 2016, we were offered to evaluate the taking over Compensa’s LT portfolio of MTLP (Motor Third Party Liability Insurance) for International Freight Forwarders. We assessed this opportunity and we considered this as a good chance to come back to Lithuanian insurance market.
Lauris Boss, Chairman of the Board
“We have a vision of a long-term business in Lithuania. Our experience, knowledge and team of professionals allow us to set our next goal to become one of the leaders of the insurance market in the neighbouring country. Our local and international experience as well as flexibility, which is what this market and our customers need, will be instrumental in achieving this position,” explains Lauris Boss, Chairman of Balcia Insurance SE Board.
It is a convenient time to return to Lithuanian market: local transport companies are expecting some changes in the freight forwarders’ market, they hope that the arrival of new players in this market might make it more competitive. A more competitive market would result in balanced insurance prices and would help secure better service quality.
We will initially offer one product to the Lithuanian market, which is Motor Third Party Liability insurance for carriers, but within the period of the next two years our service range will expand and we are planning to be offering most of the non-life insurance products as well.
Artur Senčenko, Director of Lithuanian Branch
“We are currently waiting for an approval from the Bank of Lithuania on takeover of the portfolio, and we are in process of obtaining a membership of the Motor Insurers’ Bureau of the Republic of Lithuania. Currently we are preparing, implementing our IT systems, meeting with the partners and getting ready to initiate our activities. We have required competence, we know the players of this market therefore we feel comfortable to offer this product. We have already been contacted by freight companies and insurance agents interested in what we offer,” – states Artur Senčenko, Director of Balcia Insurance SE Lithuanian Branch.
By the end of July 2017, there were 11 employees in our Vilnius office, currently, we are seeking for additional 4 persons. Within the two forthcoming years, we plan to have a team of 20 in Lithuania.
Although our activities and expansion remain outside Baltic, we are glad to have this opportunity to return to Lithuanian market. As already mentioned, our strategy is to start with one product, and then to develop business in Lithuania step by step. Balcia Insurance will use its advantages such as the high level of communication, global and local experience, knowledge, as well as flexibility in adjusting market requirements and clients’ needs. Our ambition is to become as one of the insurance market leaders again.