VIG Re plans Asia, Europe expansion, says chairman
VIG Re wants to expand in continental Europe as well as Asia, according to Karl Fink, chairman of the supervisory board of VIG Re.
“Today, VIG Re is not only pivotal in managing the reinsurance of Vienna Insurance Group, but has established itself as a leading, specialised reinsurance company in Central & Eastern Europe beyond the boundaries of local VIG entities,” Fink said. “Over the next years to come, the company will further enhance its value proposition to other continental European and selected Asian markets.”
For 2017, VIG Re reported a 10.2 percent year on year growth in gross written premium to €459.9 million.
Premium expansion was driven by the property/casualty (P&C) segment which grew by 13.0 percent year on year to €422.4 million, particularly in CEE (Central and Eastern Europe) and DACH (Germany, Austria & Switzerland) regions.
The combined ratio for the period was 94.9 percent, delivering an underwriting result of €15.7 million. In 2017, the company was not materially affected by any large natural catastrophes, despite facing a higher frequency of both weather-related and man-made losses compared to the previous year.
Pre-tax profit was up €1.0 million year on year at €23.4 million, delivering a return on equity of 13.8 percent.
“The company continues to outperform its peers, due to its closeness to clients, its lean and cost efficient operating model while adhering to strict underwriting discipline,” said VIG Re’s chairman of the board of directors Johannes Martin Hartmann. “The opening of the first branch office of the company in Frankfurt has been a milestone in the execution of our strategy 2020, and we will strive for further profitable growth.”
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