By providing made-to-measure reinsurance to more than 300 clients in 34 countries in the region, our team of professionals intuitively understands the challenges our partners face in managing their risk and capital.
Want to know more? Get in touch
Want to know more?
Get in touch
As part of the Vienna Insurance Group, whose history reaches back to 1824, VIG Re has been bringing energy to the industry since its founding in 2008 by establishing ourselves as a core player in the reinsurance market in Austria and CEE.
VIG’s roots in Austria date back to 1824 and the foundation of Wechselseitige k.k. private Brandschaden-Versicherungsgesellschaft in Vienna.
VIG treated the fall of the iron curtain as an opportunity, aiming to achieve the number one position as the leading insurance corporation in Austria and the CEE region. The main focus was placed on further expansion of insurance activities in the CEE regions. This strategy has essentially been maintained until today.
As part of this strategy, VIG Re was founded on August 8, 2008 when the Czech National Bank granted us our license. This was quickly followed in October by an A+ rating from Standard & Poor’s, which we maintain unaltered until today.
Starting in 2009, VIG Re began underwriting treaty reinsurance for all major Property & Casualty and Life & Health lines of business. While focusing in the first years on inward business from VIG, step-by-step we expanded our franchise VIG and began drawing business from third parties.
We completed the acquisition of a 99.2% share in Wiener Re a.d.o. Beograd, a Serbian reinsurancecompany, which helped us continue to expand our reinsurance activities in CEE. We also began offering facultative services in property and engineering lines.
By expanding our underwriting territories into Kazakhstan, Azerbaijan, and Armenia, 2011 saw us steadily grow our portfolio. In the same year, Karl Fink succeeded Peter Hagen as CEO, who was appointed as VIG Group CEO the same year.
With a significantly widened reinsurance proposition to VIG, our premium income peaked in 2012. Foremost, we increased our lines on VIG Property treaties and concluded a large life transaction, which contributed to a 60% premium increase in our VIG business.
With Johannes Martin Hartmann as our new CEO in 2013, we expanded our marketing and underwriting activities in the CEE region and experienced additional growth beyond VIG’s boundaries. When in spring 2013 severe flooding hit Austria and CEE, we had a chance to demonstrate our ability to settle claims in a quick and non-bureaucratic way.
In 2014 we recorded an all-time high in our Property & Casualty book. Despite the unexpected frequency of large, man-made losses reported by VIG companies, we managed to secure a net combined ratio below 98% and to grow our consolidated profit before tax to EUR 19.9 million.
As a response to the increasingly competitive market environment, we adhered to our strict underwriting discipline and reduced our Property & Casualty book by 6 percent. Consequently, our net combined ratio improved to 95.5% and consolidated pre-tax profit increased to EUR 22.7 million.
By maintaining a convivial, yet professional relationship with our clients, they experience our company values personally and trust us for them.
Respect, integrity, and transparency are our fundamental principles.
We are in for the long haul.
We grow our profits through expertise.
We invest in smart tools without over-engineering.
We create an environment in which people take responsibility.
We add freshness to reinsurance.
As a company, we get our energy from the people that drive our business.
By shining a light on our long-term stability, strong capitalisation and financial flexibility, strictly conservative investment strategy and prudent underwriting policy, we’ve been able to continue to drive our results without getting lost in the dark.
Values are in thousands of EUR.
Based on Consolidated Financial Statements.