VIG Re receives partial internal model approval
Reinsurer VIG Group has received approval from the Austrian Financial Market Authority (FMA) for the change of its partial internal model, following the inclusion of VIG Re in the group internal model.
VIG Re said its partial internal model, which addresses the specific features of its non-life and non-SLT health underwriting risk, allows for a more accurate reflection of the risk and capital position and an enhanced risk-based capital management policy of the company.
The company has already started using the model in risk management, underwriting, retrocession and for strategic planning.
As of December 31 2019, the calculation of the VIG Re´s solvency capital requirement (SCR) on solo level will be based on the newly approved partial internal model. As a consequence, VIG Re said the SCR ratio of the company for 2019 is expected to substantially exceed the level of 200 percent.
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