Our Business is Energising
It starts with the energy that runs through every aspect of our business – from our company values, to the hard work of our team of talented professionals, to our relationships with our partners and clients.
The Wire of Our History
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.
1824
VIG’s roots in Austria date back to 1824 and to the foundation of Wechselseitige k.k. private Brandschaden-Versicherungsgesellschaft in Vienna.
1989
VIG treated the fall of the iron curtain as an opportunity to achieve the number one position as the leading insurance group in Austria and the CEE region.
2008
On 8 August 2008 the Czech National Bank grants reinsurance license to VIG Re. In October the Company receives an A+ FSR rating from Standard & Poor’s, which is unaltered until today.
2009
VIG Re assumes treaty reinsurance for all major Property & Casualty and Life & Health lines of business, both from VIG companies and third parties. By end of the first full year of its operation, the company underwrites a book of EUR 257.2 million.
2010
VIG Re acquires 99.2% shares of Wiener Re Beograd, a Serbian reinsurance company. The Company starts to offer facultative services in property and engineering lines.
2011
Kazakhstan, Azerbaijan, and Armenia are added to the underwriting territories. Karl Fink succeeds Peter Hagen as 2nd CEO of the Company.
2012
VIG Re grows its assumed business from VIG companies to EUR 419.2 million; a growth of 65% premium compared to the prior year.
2013
Johannes Martin Hartmann takes the helmet as the Company’s 3rd CEO. The underwriting activities with third Parties in CEE are intensified. In the same year a severe flooding hits VIG Re key markets Austria and CEE.
2014
Despite VIG companies report a number of large man-made losses to the Company, the net combined ratio comes in still below 98% and a profit before tax to EUR 19.9 million is generated. Jan Hrevuš is appointed as Head of the newly established Actuarial Analytics team.
2015
A continued competitive market environment calls for underwriting discipline. The Property & Casualty book is reduced by 6%. Olaf Dietrich heads the Non-Life Underwriting. The net combined ratio improves to 95.5% and pre-tax profit soars to EUR 22.7 million.
2016
Ivana Jurčíková joins the Board of VIG Re and is appointed as a Chief Financial Officer. BSS, VIG Re’s integrated underwriting, claims and accounting software, goes live. The net combined ratio further improves to 93.2%.
2017
Tomasz Rowicki joins VIG Re’s Board of Directors. The first branch office in Frankfurt am Main in Germany opens on 29 September, headed by Fabian Christoph. Katarzyna Galan takes the lead of the Life Underwriting Team and Patrick Chevrel joins to head the expansion of the underwriting activities in Western Europe.
2018
VIG Re celebrates it’s 10 years anniversary. The second branch office opens on 26 November in Paris. On 27 November VIG Re becomes a member of the Czech Insurance Association. With a premium written of EUR 457 million, a profit before tax of EUR 26 million and combined ratio of 92.5% the Company reports the best performance in its history.
2019
VIG Re Gross written premium exceeds EUR 500 million for the first time in its history. In February VIG Re becomes a shareholder of B3i AG, the blockchain industry initiative. In December the Company receives approval of the Solvency II Partial internal model (PIM) and successfully completes the restructuring of VIG Group life reinsurance cessions.
A+ Rating From S&P since 2008
Since our founding in 2008, Standard & Poor’s Financial Services (S&P) has rated us “A+” with “stable outlook”, both in respect of VIG Re's financial strength and long-term public issuer rating. The ratings were most recently confirmed on November 3, 2021. S&P acknowledges in their latest rating report from December 2021 the beneficial role of our company, VIG Re, providing “geographical and business diversification” for the business risk profile of the whole Vienna Insurance Group (VIG). VIG thus remains the company with the best rating of all companies listed in the ATX of the Vienna Stock Exchange.
The Energy of Our Values
By maintaining a convivial, yet professional relationships with our clients, they experience our company values personally and trust us for them.
Ethical Behaviour
Respect, integrity, and transparency are our fundamental principles.
Stability and Security
We're in it for the long haul.
Performance Matters
We grow our profits through expertise.
Professional Infrastructure
We invest in smart tools without over-engineering.
People Development
We create an environment in which people take responsibility.
A Colourful Company Culture
We add freshness to reinsurance.
The Energising Line Is What Makes Us Strong
As a company, we get our energy from the people that drive our business.
Corporate Bodies
Supervisory Board
Board of Directors
Representation of VIG Re towards Supervisory Board
Public Relations & Communication
Corporate Underwriting
Actuarial Services and Retrocession
Controlling, Planning and Reporting
Reinsurance Accounting
Business Processes and IT Solutions
Corporate Governance & Legal
Coordination of Risk Management and Compliance
Human Resources
Board Office
Outsourcing
Assumed Property and Casualty Reinsurance
Assumed Life Reinsurance
Assumed Accident and Health Reinsurance
Business Administration and Claims
Audit Committee
Prague Headquarters
Underwriting
Central & Eastern Europe
Southern Europe
International
Facultative
Life & Health
Middle Office
Corporate Underwriting
Business Administration
Actuarial Services and Retrocession
Reinsurance Accounting
Claims
Support Functions
Corporate Governance and Legal
Risk Management
IT Services
Controlling, Planning and Reporting
Marketing and Communication
Human Resources Operations
Office Management
German Branch
French Branch
Dynamic Results
By pursuing our line of 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 on the way.
Values are in thousands of EUR. Based on Individual Financial Statements.