VIG: our activity in Czech Republic is effective
Affiliated company Vienna Insurance Group (VIG) in Czech Republic – reinsurance company VIG Re – has gained more than 280 million euro from the beginning of the activity (September, 2008).
Company’s management expected, that only after three years of work the award of the reinsurer will reach 300 million euro.
The group has also noticed that the share of contracts with the third party for the current period makes more than half from the reinsurer’s general premiums.
Günter Geyer, chairman of the managing board and CEO of the VIG has told that so successful beginning of VIG Re’s work proves group’s decision to use new business model in the field of reinsurance and considerable demand for VIG Re’s reinsurance services among the companies, which are not a part of group, became especially remarkable fact.
As RP Newsline has earlier informed, VIG Re (VIG Re zajistovna a.s.) has received the license of Czech National(CNB) on realization of reinsurance activity in August, 2008 VIG Re and has started to carry out activity in the beginning of September. The initial share capital of the  reinsurer has made about 100 million euro. The company is registered in Prague and renders reinsurance services. In the end of October the international rating agency Standard and Poor`s has given it «Ð+» financial stability and credit rating.