# Balcia Insurance

Balcia Insurance is an Insurance based in Riga, Latvia.

## Overview

- **Organization type:** Insurance
- **Headquarters:** Riga, Latvia
- **Region:** Europe
- **Address:** Riga, Latvia
- **Founded:** 1993
- **Assets under management:** 215 (Altss estimate)
- **Website:** www.balcia.com
- **LinkedIn:** https://www.linkedin.com/company/balcia-insurance-se

## Regulatory record

- **Reports private funds:** No

## About

Balcia Insurance began operations in Riga in 1993 under Jānis Lucaus and Girts Drunka. The company sells standard non-life products and has expanded its license footprint to seven European markets. Capital is deployed across mixed-use real estate, commercial offices, and renewable-energy assets. Confirmed holdings include the Indexo Real Estate Fund, the Kimmel Project in Riga and participations in Latvenergo. The firm also maintains a strategic partnership with Indexo for real-estate execution and joined the Latvian Association of Insurers in 2022. The organization employs an internal team led by Lucaus as Chairman. Balcia remains a privately held insurance underwriter whose investment program is executed through direct asset ownership rather than third-party fund commitments.

## Sectors

- Insurance

## People

- Jānis Lucaus — Chairman of the Board
- Girts Drunka — Long-term shareholder

## Questions

### Who runs investment decisions at Balcia Insurance?

Jānis Lucaus serves as Chairman of the Board and oversees capital allocation. Girts Drunka remains a long-term shareholder with historical involvement in firm direction.

### Does Balcia Insurance participate in fund commitments or only direct deals?

The firm executes direct investments in real estate and renewable-energy projects. No external fund commitments are disclosed.

### Where does Balcia Insurance operate?

Headquartered in Riga, the company holds licenses in Latvia, Lithuania, Poland, France, Germany, Italy, and Estonia.

### What asset classes does Balcia Insurance hold?

Holdings include mixed-use real estate in Riga and stakes in Baltic renewable-energy projects.

### How is Balcia Insurance related to Indexo?

Indexo acts as a business partner on real-estate investments, including the Indexo Real Estate Fund.

## Related profiles

- [Gulf Navigation Holding](https://altss.com/profile/gulf-navigation-holding)
- [KAON Group](https://altss.com/profile/kaon-group)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/balcia-insurance

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