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.


VIG’s roots in Austria date back to 1824 and to the foundation of Wechselseitige k.k. private Brandschaden-Versicherungsgesellschaft in Vienna.


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.


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.


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.


VIG Re acquires 99.2% of the shares of Wiener Re Beograd, a Serbian reinsurance company. The Company starts to offer facultative services in property and engineering lines.


Kazakhstan, Azerbaijan, and Armenia are added to the underwriting territories. Karl Fink succeeds Peter Hagen as 2nd CEO of the Company.


VIG Re grows its assumed business from VIG companies to EUR 419.2 million; a growth of 65% premium compared to the prior year.


Johannes Martin Hartmann takes the helm 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's key markets Austria and CEE.


Despite VIG companies reporting a number of large man-made losses to the Company, the net combined ratio still comes in below 98% and a profit before tax of EUR 19.9 million is generated. Jan Hrevuš is appointed as Head of the newly established Actuarial Analytics team.


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.


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%.


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.


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.


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


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 anchored its position as a leading reinsurer in the CEE region and continuously expanded its business in Continental Europe and East Asia. The Company's financial strength was 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.


The year 2022 will be on record as the year with the highest premium income for VIG Re, and the highest profit ever, driven by an excellent underwriting result of EUR 38.5 million surpassing the year 2021 by more than 90 percent. Mr. Tobias Sonndorfer joined VIG Re's Board of Directors as of January 2023, expanding the number of board member from three to four. 


VIG Re celebrates its 15 year anniversary - 15 years of partnership with our clients, business partners and employees. Thank you all for creating this success story together. 

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