Beginning of the insurance industry

Beginning of the insurance industry
(Source: VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe (Ed.): A success story at the heart of Europe, 2011, publishing company: Christian Brandstätter)

Our history reaches back to 1824

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.

2020

A year like no other with challenges that the Covid-19 pandemic has caused. VIG Re has hence closed the year 2020 at a very solid positive financial result delivering the second highest underwriting profit in its history.

2021

Amidst a year of record high natural catastrophe losses, VIG Re delivered top results with its business growing by 19% and a profit before tax of EUR 26,8 million, the highest in its history. VIG Re has anchored its position as a leading reinsurer in the CEE region and continuously expanded its business in Continental Europe and East Asia. The Company financial strength has been re-confirmed by Standard & Poor’s with an A+ FSR rating assigned for the 13th year in a row. Stephan Wirz joins VIG Re’s Board of Directors. His renowned reinsurance expertise is a great addition to the overall strength of the management.

Back to Top

VIG RE zajišťovna, a.s.

Templová 747/8
110 01 Praha 1
+420 956 445 505
info@vig-re.com

We got your back
© 2022 VIG Re zajišťovna a.s. | Member of Vienna Insurance Group | Privacy Policy | Cookies Policy | ShareFile