Since 1990, expansion into CEE

Expansion into Central and Eastern Europe

Early on, the management of the Vienna Insurance Group recognised the multitude of development opportunities in Central and Eastern Europe. The Vienna Insurance Group was the first Western European insurance company to make a cautious, risk-conscious move into the CEE region.

Expansion steps of the past 20 years
In 1990, the Wiener Städtische AG entered the German insurance market with the formation of a company and began its expansion to the East with a first stake in the newly formed Kooperativa insurance in the former Czechoslovakia.

Since 1996, the Wiener Städtische AG has gradually extended its expansion direction into Central and Eastern Europe. Between 1996 and 1999, Wiener Städtische AG entered the Hungarian, Polish, and Croatian insurance markets, opened a branch office in Italy and acquired a company in Liechtenstein. In the course of the following seven years, successful market entries followed in Romania, Belarus, Bulgaria, Serbia, Slovenia, Ukraine, Russia and Georgia. In 2007, the Vienna Insurance Group was able to further expand its geographic presence in Central and Eastern Europe by conducting major acquisitions and has been active in 23 countries since then. After entering the insurance markets in Albania, Macedonia and Turkey, the Vienna Insurance Group has also become active in the three EU countries Estonia, Latvia and Lithuania. 

Acquisition of the insurance operations of the Erste Bank Group
At the beginning of 2008, the Vienna Insurance Group acquired the entire insurance business of the Erste Bank Group in Austria, the Czech Republic, Slovakia, Hungary, Croatia and Romania. As a result of this acquisition, the Vienna Insurance Group has risen to the top position among insurers that are internationally active in the CEE region and is a leading provider of life insurance.

Group reinsurance VIG Re
Furthermore, the Vienna Insurance Group founded a Group reinsurance company in the Czech Republic in 2008. The formation of the company VIG Re that has its registered office in Prague is a clear signal for the Central and Eastern European region as core market of the Vienna Insurance Group with excellent growth potential.

Capital increase of 2008
In 2008, the Vienna Insurance Group increased capital from 105 million shares to 128 million shares by issuing 23 million new shares in order to be able to successfully continue the growth strategy. The capital increase was used to finance the acquisition of the insurance operations of the Erste Group, including the long-term reciprocal distribution partnership with the Erste Group.

History (1990-2009)

1990 Entry into the insurance market of the former Czechoslovakia by acquisition of interest in Kooperativa.

Foundation of the German insurer InterRisk, Wiesbaden.

1991 Merger of the life and burial insurance company, Wiener Verein with Wiener Städtische.

1992 Acquisition of 70 per cent of the share capital of Montanversicherung, specialising in industrial insurance.

Conversion into a joint-stock company with the name Wiener Städtische Allgemeine Versicherung Aktiengesellschaft. "Wechselseitige" continues as Wiener Städtische Wechselseitige Versicherungsanstalt Vermögensverwaltung and assumes the functions of a financial holding company.

1993 In the course of the separation of the former Czechoslovakia into the Czech Republic and the Slovak Republic, Kooperativa is divided into three successor companies with registered offices in Bratislava, Brno and Prague. In 1999 the offices in Brno and Prague are merged into the „Kooperativa pojist’ovna a.s“. In the Slovak Republic „Kooperativa poist’ovna, a.s“ starts business.

1994 Wiener Städtische goes public and issues preferred shares at the Vienna Stock Exchange.

1996 Entry into the Hungarian insurance market.

1998 Entry into the Polish insurance market

1999 Foundation of Vienna Life Lebensversicherung AG, Liechtenstein.

Entry into the Croatian insurance market through Wiener Städtische osiguranje d. d.

2000 Foundation of Vienna Life Poland.

Foundation of the Wiener Städtische Allgemeine Versicherung AG ITALIA branch.

2001 Entry into the Romanian insurance market, Acquisition of interest in the Romanian company Unita S.A.

Acquisition of the Slovakian company Komunálna poistovna a.s.

Merger of Wiener Städtische osiguranje and Kvarner osiguranje.

Acquisition of the two Polish insurance companies, Compensa Non-Life and Compensa Life.

2002 Acquisition of interest in the Belo Russian insurance company Kupala.

Acquisition of the Bulgarian Bulgarski Imoti companies.

Acquisition of interest in the Romanian agricultural insurance company S.C. Agras Omniasig S.A.

2003 Entry into Serbia by establishing Wiener Städtische osiguranje a.d.o. Beograd.

Merger of Heros and Compensa in Poland

2004 Acquisition of the sole ownership in the Slovak Kontinuita by the Wiener Städtische Group.

Launch of business activity in Slovenia.

Acquisition of interest in the Ukrainian insurance company Jupiter

2005 Acquisition of  a majority stake in the Rumanian S.C. OMNIASIG S. A.

Acquisition of a majority stake in Ukrainian insurance company "Kniazha"

Acquisition of 100 percent of the shares of "Ceska podnikatelska pojistovna, a.s. by Kooperativa

Acquisition of interests in the Polish insurance companies Benfia Non Life an Benefia Life and in the Polish life insurance Royal Polska

Acquisition of a majority stake in the Croation life insurer Cosmopolitan Life d.d.

Acquisition of a 40 percent stake in Kardan Financial Services B.V. (KFS), the majority owner of TBIH Financial Services Group NV, a holding with insurance interest in CEE

Capital Increase 2005 amounting to about EUR 910 million, increasing free float up to approx. 30 percent

2006 Acquisition of the majority stake in Polish CIGNA STU S.A.

Acqusition of the Ukrainian insurer Globus

Start of business operations in Russia in a joint venture with MSK/Moscow Insurance Company

Transformation of the 40 percent stake in Kardan Financial Services B.V. into a direct participation of 60 percent in TBIH Financial Services Group

Introduction of the umbrella brand “Vienna Insurance Group” an renaming “Wiener Städtische Allgemeine Versicherung AG” into “WIENER STÄDTISCHE Versicherung AG Vienna Insurance Group”

2007 Acquisition of the majority stake in the non-life insurance company TU PZM (TU Polski Związek Motorowy S.A.)

Entry into the Turkish insurance market: Acquisition of Ray Sigorta A.Ş.

Market entry Albania, Macedonia, Kosovo: Acquisition of Sigma S.h.

Market entry in the Baltic states

2008 New trading name Vienna Insurance Group for shares on the Vienna Stock Exchange (securities abbreviation VIG)

Listing on the Prague Stock Exchange

Acquisition of Ukrainska Strakhova Grupa

Capital Increase 2008 with gross proceeds of about EUR 1.14 billion

Conclusion of a mutual distribution agreement with ERSTE GROUP

Sale of the Romanian non-life insurer Unita VIENNA INSURANCE GROUP SA to the UNIQA Group Austria.

Sale of corporate shares in Bank Austria Creditanstalt Versicherung AG to ERGO Versicherungsgruppe

Establishment of a group own reinsurance company VIG RE zajišťovna, a.s. (VIG RE) based in Prague

2009 Change of the corporate name in “VIENNA INSURANCE GROUP Wiener Städtische Versicherung AG”

Expansion of the overall managing board of VIENNA INSURANCE GROUP Wiener Städtische Versicherung AG to ten members

Takeover of the TBIH Financial Services Group N.V. (TBIH) stakes in the Group insurance companies in Albania, Bulgaria, Croatia and Macedonia

Acquisition of the insurance operations of Erste Group Bank AG in Austria, Croatia, Romania, the Czech Republic, Slovakia and Hungary Acquisition of majority stake in the Romanian insurance company SC Asigurarea Romaneasca Asirom S.A.

Beginnings of the Vienna Insurance Group

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