RIGA - One of the largest insurance and reinsurance broker networks in the United States, Colemont, has bought a 60 percent stake in Latvia's insurance company Finansu Konsultanti Un Brokeri (FKB). The company has now changed its name to Colemont FKB Latvia.
Information in the Latvian business register shows that the remaining 40 percent stake in Colemont FKB Latvia is still under the name of original owners Ivars Blanks and Maris Grasis (20 percent each). Beerh Surinder Kumar has replaced Blanks in the position of the board chairman. Colemont FKB Latvia will release detailed information about the deal in a press conference on May 31.
According to the information provided by Colemont FKB Latvia, Colemont Insurance Brokers, founded in 1992, is one of the largest U.S. insurance and reinsurance companies. The company is privately owned. Last year, there were more than 500 brokers in Colemont group companies, and the premium subscription exceeded $1 billion. FKB, one of the largest Latvian insurance brokers, last year subscribed 2.1 million lats (3.1 million euros) in premiums, a 44 percent rise year-on-year. The company plans to subscribe 2.7 million lats in premiums this year and to strengthen its position among the top three Latvian insurance brokers. FKB started operations in 2000.
Latvian insurance companies subscribed insurance premiums for 66.7 million lats (94.9 million euros) last year, up 27 percent from 2004, the Latvian Insurance Association reported last week.
Insurance claims paid last year also increased 32 percent, or 7.1 million lats, to 29.2 million lats.
