BTA receives World Finance Award “Insurance Company of the Year, 2010, in Latvia”

This year three insurance companies from Latvia were nominated for the World Finance award. The award went to the Joint Stock Insurance Company BTA, which was recognised as the best insurance company in Latvia. The award was also presented to another 55 insurers from other countries around the world.

World Finance is one of the world’s leading financial magazines that carries out studies in the European, U.S., Asian and Latin American markets. By analysing these regions’ capital markets, venture management, technological development, stock market turnover and the features of these markets, the magazine each year presents awards to companies in a variety of categories.

The main criteria in determining the winner are innovations of company’s services, originality and quality, as well as investment in market development and formation of customer relationships.

The operations of BTA have been praised both in the local market and by foreign experts every year. In 2008, the company was awarded the title of Latvia’s Most Honest Insurer, based on opinion polls carried out by LETA and SKDS. In 2009, the company received the business magazine Euromoney award as Latvia’s Best Insurer, Best Insurer for Innovation and Best Insurer for Product Range, whereas this year, BTA was ranked first among insurance companies in Latvia in a TOP 500 index of Latvia’s most reputable companies from the newspaper Diena and public relations agency Nords Porter Novelli.

Ilva Priedniece, BTA Marketing and Public Relations Manager: “Now we can also be proud of the World Finance award. This is an important recognition, because each year experts of the magazine from every country pick just one company in a given business sector. By and large, BTA has been doing well this year, with profit before tax at LVL 3.87 million in the first six months, which exceeds by 14%, the same period last year. This figure includes BTA companies’ results in the Baltic countries as well as in other European countries where BTA has been doing active business over the past few years. It is important for any company to be recognised for its work, but we value people’s confidence in us above all, as well as words of praise that we hear from our customers.”

The reorganisation of BTA continues this year, and the company hopes to complete the transition to the status of BTA Group by the end of this year, by adding to the Latvia-registered insurance company the Lithuanian company BTA Draudimas as well as a subsidiary in Estonia. As a result of the reorganisation, BTA will also become a European Company registered with the European Register. These changes will make it possible to consolidate the company’s resources for further business development and expansion in a yet more efficient way.