The history of our company began in the middle of 1993, when the largest Belarusian companies (Priorbank and MAZ) took the decision to establish an insurance company. The decision was determined by the passing of Republic of Belarus Law on Insurance No. 2343-XII of June 3, 1993, which provided for the legal basis for the development of insurance services in our country.
The date of establishment of the company is December 10, 1993, when the Insurance Supervision Department under the Council of Ministers of the Republic of Belarus by its order took the decision to register the Belarusian-Lithuanian joint venture BASO Joint Stock Insurance Company.
In January 1995, under a cooperation agreement concluded with the German insurance company Alte Leipziger, BASO issued the first civil liability insurance policies of the Green Card system for vehicles belonging to OAO Belmagistralavtotrans. In March 1995, BASO began offering the service of accident and illness insurance while travelling abroad.
At the beginning of its activity, the company was oriented towards the insurance of risks with regard to international transportation by road; therefore, at the beginning the company's portfolio was dominated by classical types of insurance such as motor hull insurance for legal entities, carrier's civil liability insurance, insurance of drivers against accidents and illnesses while travelling abroad, and the Green Card insurance.
The first heads of the company were Memelov Ilya from Belarus and Roland Lenz from Germany. In 2001, Dementiev Alexandre became the new head of the company.
In the second half of 1990s onwards, BASO Joint Stock Insurance Company has been actively expanding its activities on the insurance market: the company expanded its client base and the number of offered insurance services, and improved the quality of the provided services.
In 1999, the Government of the Republic of Belarus passed an order, under which insurance of civil liability of vehicle owners became obligatory in the territory of the country. With a view to obtaining licences for this type of service, branches of the company were established in district centres of the country such as Brest, Gomel, Grodno, Mogilev and Orsha, and later in Vitebsk (2001). A branch office of BASO has been operating in Minsk since 2004. As a result of this development, the number of employees of the company reached approximately 80.
Starting from mid-90s, BASO became one of the ten largest insurance companies in Belarus. In 1999, the company became an associated member of the Belarusian Transport Insurance Bureau, and in 2002 it was granted the status of a member of this organisation.
Since 2004 the company had to limit its activities due to the recall of the licence for the compulsory types of insurance. This led to a reduction of the number of employees, closing of all branch offices, and leaving the Belarusian Transport Insurance Bureau. Regardless of that, BASO managed to survive thanks to the cooperation of its employees and management as well as the support on the part of shareholders, and continued its activity on the Belarusian market of voluntary insurance.
A new stage of development of the company started in 2008, when BASO became part of the ERGO Insurance Group, which is one of the leading insurers on the direct insurance market in Europe.
At the present moment 92 % of ERGO shares have been controlled by the Baltic insurers ERGO Lietuva and ERGO Kindlustuse AS and by the German company ERGO International AG. Another part of shares belongs to OAO ATEP-5, one of the leading transportation companies in Belarus.